Currency snapshot (commodity pairs)

Dollar index trading at 93.72 (+0.28%)

Strength meter (today so far) – Aussie -0.23%, Kiwi -0.23%, Loonie -0.10%

Strength meter (since last week) – Aussie -0.68%, Kiwi -0.48%, Loonie -0.53%

AUD/USD –

Trading at 0.784

Trend meter –

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

Support –

• Long term – 0.746, Medium term – 0.765, Short term – 0.77

Resistance –

• Long term – 0.825, Medium term – 0.825, Short term – 0.8

Economic release today –

• New motor vehicle sales dip 2 percent in July, up 1.8 percent from a year ago.

Commentary –

• Aussie is enjoying a major breakout, likely to rise towards 0.82 against the dollar. It is down this week as the dollar recovers. Further downside correction likely.

NZD/USD –

Trading at 0.728

Trend meter –

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

Support –

• Long term – 0.69, Medium term – 0.71, Short term – 0.73 (testing)

Resistance –

• Long term – 0.76, Medium term – 0.76, Short term – 0.75

Economic release today –

• The global dairy auction is scheduled today.

Commentary –

• Kiwi is testing key support around 0.73 area. Active call – Buy Kiwi targeting 0.825.

 USD/CAD –

Trading at 1.274

Trend meter –

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

Support –

• Long term – 1.22, Medium term – 1.235, Short term – 1.235

Resistance –

• Long term – 1.32, Medium term – 1.295, Short term – 1.28

Economic release today –

• NIL

Commentary –

• The loonie is the down this week on weak oil price and recovering dollar.

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