Currency snapshot (commodity pairs)

Dollar index trading at 95.96 (-0.17%)

Strength meter (today so far) - Aussie +1.10%, Kiwi +1.24%, Loonie +0.74%.

Strength meter (since last week) - Aussie +1.72%, Kiwi +1.07%, Loonie +0.62%.

AUD/USD 

Trading at 0.703

Trend meter 

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

Support 

• Long term - 0.60, Medium term - 0.65, Short term - 0.685

Resistance 

• Long term - 0.83, Medium term - 0.725, Short term - 0.705

Economic release today -

• National Australia banks' business confidence dropped to 1 from 4 prior, while business conditions improved to 11 in August from 6.

Commentary                                                                         

• Aussie is the best performer this week, but further decline likely. Active call - Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70, 0.685 and 0.65.

NZD/USD 

Trading at 0.635

Trend meter 

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

Support 

• Long term - 0.56, Medium term - 0.60, Short term - 0.615

Resistance 

• Long term - 0.71, Medium term - 0.68, Short term - 0.643-0.65

Economic release today 

• NIL

Commentary 

• Kiwi in for its next target around 0.56 against Dollar, with slowdown in China and further loosening of policy from RBNZ. Kiwi recovered as commodities have taken sharp turn today.

USD/CAD 

Trading at 1.319

Trend meter 

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

Support 

• Long term - 1.19, Medium term - 1.26, Short term - 1.29

Resistance 

• Long term - 1.38, Medium term - 1.35, Short term - 1.34

Economic release today 

• NIL

Commentary                                                                                       

• Loonie gained grounds as oil price recovered, wiping out yesterday's entire loss.