Currency snapshot (commodity pairs)

Dollar index trading at 96.96 (+0.27%)

Strength meter (today so far) – Aussie +0.02%, Kiwi +0.29%, Loonie +0.04%

Strength meter (since last week) – Aussie +1.41%, Kiwi +1.02%, Loonie -0.22%

AUD/USD –

Trading at 0.754

Trend meter –

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

Support –

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

Resistance –

• Long term – 0.782, Medium term – 0.78, Short term – 0.755

Economic release today –

• The Australian economy grew 0.3 percent in the first quarter, up 1.7 percent from a year ago.

Commentary –

• The Australian dollar is still the best performer of the week on better than expected GDP data and a weaker dollar. Aussie might decline to 0.72 area once more to test support.

NZD a USD –

Trading at 0.721

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.67, Short term – 0.67

Resistance –

• Long term – 0.76, Medium term – 0.73, Short term – 0.723

Economic release today –

• NIL

Commentary –

• Kiwi is heading for a test of key resistance around 0.723 area.

 USD/CAD –

Trading at 1.351

Trend meter –

• Long term – sell, Medium term – buy, Short term – Range/buy

Support –

• Long term – 1.32, Medium term – 1.33, Short term – 1.35 (testing)

Resistance –

• Long term – 1.38, Medium term – 1.38, Short term – 1.37

Economic release today –

• Housing starts declined to 194,700.
• Housing price index grew 0.8 percent in May.

Commentary –   

• Loonie is the weakest performer of the week thanks to lower oil price and is currently down against the dollar.