Currency snapshot (commodity pairs)

Dollar index trading at 97.52 (-0.26%)

Strength meter (today so far) - Aussie +0.86%, Kiwi +0.94%, Loonie -0.07%.

Strength meter (since last week) - Aussie +1.49%, Kiwi +0.24%, Loonie -0.30%.

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 -

• Home loans grew by 4.4% in June.

Commentary -                                                                               

• Aussie is best performing major so far this week as rate easing bets fades. 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 0.66

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 -

• NIL

Commentary -

• Weaker Dollar today helped Kiwi to post gains today and for the week.

USD/CAD -

Trading at 1.312

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 -

• Unemployment rate remained same at 6.8% in July, with net increase in employment by 6600.
• IVEY PMI slowed to 52.9 in July from 55.9 in June.

Commentary -                                                                                         

• Canadian dollar remains sell against dollar, the pair might reach as high as 1.38. Weaker crude provided headwinds, in spite of weaker Dollar.