Currency snapshot (commodity pairs)

Dollar index trading at 101.05 (-0.40%)

Strength meter (today so far) – Aussie -0.14%, Kiwi -0.08%, Loonie -0.02%

Strength meter (since last week) – Aussie +2.69%, Kiwi +2.54%, Loonie +0.62%

AUD/USD –

Trading at 0.747

Trend meter –

• Long term – Range, Medium term – Sell, Short term – Buy

Support –

• Long term – 0.683, Medium term – 0.72, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.765, Short term – 0.765

Economic release today –

• NIL

Commentary –

• Australian dollar remains as the best performer among all major currencies riding on stronger metal prices and the dollar weakness post-Trump press conference. Aussie is testing key resistance at 0.75 area. There is likely to be a correction.

NZD/USD –

Trading at 0.711

Trend meter –

• Long term – Sell, Medium term – Buy, Short term – Buy

Support –

• Long term – 0.66, Medium term – 0.69, Short term – 0.69

Resistance –

• Long term – 0.8, Medium term – 0.76, Short term – 0.73

Economic release today –

• NIL

Commentary –

• Kiwi have found some support around 0.69 area and now looking to benefit from the weakness in the dollar. However, selling pressure is quite high.

 USD/CAD –

Trading at 1.315

Trend meter –

• Long term – sell, Medium term – buy, Short term – Range/buy

Support –

• Long term – 1.28, Medium term – 1.3 , Short term – 1.3

Resistance –

• Long term – 1.38, Medium term – 1.365, Short term – 1.365

Economic release today –

• NIL

Commentary –   

• Loonie is the worst performer among commodity pairs but performance improved as the oil price recovered amid weaker dollar. We expect the loonie to reach 1.375 and 1.4.