Currency snapshot (commodity pairs)

Dollar index trading at 94.76 (-0.45%)

Strength meter (today so far) - Aussie +0.92%, Kiwi +0.74%, Loonie +0.63%.

Strength meter (since last week) - Aussie +1.92%, Kiwi +2.22%, Loonie +1.40%.

AUD/USD -

Trading at 0.776

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/ Buy support

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 -0.772(broken)

Economic release today -

• Westpac consumer confidence dropped by -6.9%

Commentary -                                                                               

• Aussie is bouncing back from support area as dollar is weakening all across board. Aussie might reach 0.79 against dollar.

NZD/USD -

Trading at 0.719

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(broken)

Economic release today -

• RBNZ monetary policy is scheduled at 21:00 GMT.

Commentary -

• Kiwi faces key test today as RBNZ is scheduled to deliver monetary policy. Market is expecting at least 25 basis points rate cut today. Kiwi might bounce back post rate cut if future outlook is nor dovish enough. Kiwi might reach 0.74 area against dollar, if support holds at 0.7.

USD/CAD -

Trading at 1.226

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 - 1.217-1.213, Immediate - 1.238-1.236 (broken)

Resistance -

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

Economic release today -

• NIL

Commentary -                                                                                         

• Canadian dollar is doing pretty well as Dollar weakened and oil bounced back. Loonie is to go down further at least towards 1.215 support area.