Currency snapshot (commodity pairs)

Dollar index trading at 97.60 (+0.30%)

Strength meter (today so far) - Aussie -0.56%, Kiwi -0.75%, Loonie -0.73%.

Strength meter (since last week) - Aussie +0.18%, Kiwi +0.92%, Loonie -0.55%.

AUD/USD -

Trading at 0.736

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.71, Short term - 0.71-0.715

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.78, Immediate - 0.75

Economic release today -

• Westpac leading index remained flat in June.
• Consumer price index rose by 0.7% quarterly basis and 1.5% from a year ago.
• RBA's trimmed mean rose 0.6% from first quarter, up 2.2% on yearly basis.

Commentary -                                                                               

• Aussie failed to break above 0.745 area as seller appeared and pushed it below 0.74 mark. Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70 and 0.65.

NZD/USD -

Trading at 0.657

Trend meter -

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

Support -

• Long term - 0.653, Medium term - 0.65, Short term - 0.65

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.737-0.74, Immediate - 0.705

Economic release today -

• RBNZ to announce monetary policy decision today at 21:00 GMT.

Commentary -

• Kiwi is facing RBNZ rate decision today. Market is expecting rate cut of 25-50 basis points today.

USD/CAD -

Trading at 1.304

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.217, Short term - 1.265

Resistance -

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

Economic release today -

• NIL

Commentary -                                                                                         

• Canadian dollar remains sell against dollar, the pair might reach as high as 1.38. The pair is testing key short to medium term resistance.