Currency snapshot (commodity pairs)

Dollar index trading at 101.45 (+0.25%)

Strength meter (today so far) – Aussie +0.22%, Kiwi +0.06%, Loonie -0.02%

Strength meter (since last week) – Aussie +0.16%, Kiwi -0.06%, Loonie -0.02%

AUD/USD –

Trading at 0.768

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 – 0.78, Short term – 0.78

Economic release today –

• New motor vehicle sales up 0.6 percent in January, but down 0.9 percent from a year ago.

Commentary –

• The Aussie is heading for a test of key resistance around 0.78 area. Rise in commodity prices are providing support to the Aussie.

NZD/USD –

Trading at 0.717

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 – 0.733

Economic release today –

• Business PMI report for February will be released at 21:30 GMT.

Commentary –

• Kiwi remains as the worst performer of the week so far, as RBNZ statement still weighs.

 USD/CAD –

Trading at 1.308

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 consolidating as it lacks clear direction. It is heading for another test of key resistance against dollar around 1.3 area.