Currency snapshot (commodity pairs)

Dollar index trading at 93 (+0.16%)

Strength meter (today so far) – Aussie +0.05%, Kiwi -0.74%, Loonie +0.68%

Strength meter (since last week) – Aussie -0.08%, Kiwi -1.17%, Loonie -0.52%

AUD/USD –

Trading at 0.791

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 (testing)

Economic release today –

• HIA new home sales declined 3.7 percent in July.
• Private sector credit grew 0.5 percent in July, up 5.3 percent from a year ago.

Commentary –

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

NZD/USD –

Trading at 0.715

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

Resistance –

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

Economic release today –

• ANZ activity outlook declined to 38.2 percent in August.
• ANZ business confidence declined to 18.3 in August.

Commentary –

• Kiwi is down as RBNZ governor slams higher exchange rate. Active call – Buy Kiwi targeting 0.825.

 USD/CAD –

Trading at 1.255

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 –

• Second quarter GDP grew by 0.3 percent q/q, up 4.5 percent.

Commentary –               

• The loonie is down as WTI slips and the dollar recovers.

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