Currency snapshot (commodity pairs)

Dollar index trading at 101.03 (-0.14%)

Strength meter (today so far) – Aussie +0.18%, Kiwi -0.11%, Loonie -0.23%

Strength meter (since last week) – Aussie +0.24%, Kiwi +0.03%, Loonie -0.80%

AUD/USD –

Trading at 0.767

Trend meter –

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

Support –

• Long term – 0.71, Medium term – 0.73, Short term – 0.75

Resistance –

• Long term – 0.782, Medium term – 0.78, Short term – 0.78

Economic release today –

• Private sector credit grew 0.2 percent in January, up 5.4 percent from a year ago.
• Current account balance improves to -$3.9 billion in the fourth quarter.
• AiG performance of manufacturing index for February will be updated at 22:30 GMT.

Commentary –

• Latest profit numbers for fourth quarter is suggesting that the mining sector is recovering. The trade balance numbers released today also suggests the same. These are likely to Aussie supported.

NZD/USD –

Trading at 0.72

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 –

• ANZ activity outlook marginally declined to 37.2 percent.
• ANZ business confidence declines to 16.6 in February.
• M3 money supply is up 6.4 percent from a year ago.
• Fourth quarter terms of trade index will be released at 21:45 GMT.

Commentary –

• Kiwi is recovered its last night’s loss and is up marginally against the dollar so far.

 USD/CAD –

Trading at 1.32

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 –

• Industrial product price for January and raw material price index will be updated at 13:30 GMT.

Commentary –   

• Loonie is the worst performer of the day as it failed to clear resistance around 1.3 against the dollar; the focus is on BoC policy ahead.