Currency snapshot (commodity pairs)

Dollar index trading at 95.33 (-0.04%)

Strength meter (today so far) - Aussie -1.06%, Kiwi -0.23%, Loonie -0.28%.

Strength meter (since last week) - Aussie +0.67%, Kiwi +0.45%, Loonie -0.36%.

AUD/USD -

Trading at 0.769

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Sell Resistance

Support -

• Long term - 0.60, Medium term - 0.71, Short term - 0.756-0.75

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.793-0.796, Immediate -0.787

Economic release today -

• Australian trade deficit hit record -3.8 billion in April.

Commentary -                                                                               

• Aussie dropped sharply as sellers appeared at rally near 0.78 mark. Aussie likely to maintain downside pressure, though 0.75 is crucial support.

NZD/USD -

Trading at 0.713

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Sell resistance

Support -

• Long term - 0.653, Medium term - 0.70, Short term - 0.71-0.708

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.737-0.74, Immediate - 0.719-0.721

Economic release today -

• NIL

Commentary -

• Kiwi was sold off as expected from immediate resistance area. Kiwi likely to maintain downside pressure and consolidation until RBNZ provides further cue.

USD/CAD -

Trading at 1.249

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/Buy Support

Support -

• Long term - 1.17, Medium term - 1.1840-1.18, Short term - 1.217, Immediate - 1.238-1.236

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.28

Economic release today -

• Trade deficit came at $3 billion for May.

Commentary -                                                                                         

• Canadian dollar is treading water with downside bias. Expect further selloffs against dollar. However crude price and tomorrows OPEC meeting holds key to further move.