Currency snapshot (commodity pairs)

Dollar index trading at 97.49 (+0.04%)

Strength meter (today so far) - Aussie +1.91%, Kiwi +0.30%, Loonie +0.26%.

Strength meter (since last week) - Aussie +1.44%, Kiwi -0.11%, Loonie -0.33%.

AUD/USD -

Trading at 0.74

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 -

• RBA held policy steady.

Commentary -                                                                               

• Aussie got the boost as RBA moved to wait and watch mode. Active call - Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70 and 0.65.

NZD/USD -

Trading at 0.658

Trend meter -

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

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 -

• Global dairy auction scheduled for today.
• Unemployment report for second quarter scheduled for release at 22:45 GMT.

Commentary -

• Kiwi's key support at 0.65 faces challenge from dairy auction and unemployment report today.

USD/CAD -

Trading at 1.313

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 - 1.32, Medium term - 1.315-1.32, Short term - 1.32

Economic release today -

• NIL

Commentary -                                                                                         

• Canadian dollar remains sell against dollar, the pair might reach as high as 1.38. Crude oil bounce back providing some support to Loonie.