Currency snapshot (commodity pairs)

Dollar index trading at 92.58 (-0.02%)

Strength meter (today so far) – Aussie +0.46%, Kiwi +0.45%, Loonie +0.21%

Strength meter (since last week) – Aussie -0.09%, Kiwi +0.32%, Loonie -0.69%

AUD/USD –

Trading at 0.798

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 –

• Q2 current account balance came at -9.6 billion.

Commentary –

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

NZD/USD –

Trading at 0.719

Trend meter –

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

Support –

• Long term – 0.69, Medium term – 0.71, Short term – 0.71

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 up this week but lost grounds over past few weeks over RBNZ’s verbal stance against the kiwi. Active call – Buy Kiwi targeting 0.825.

 USD/CAD –

Trading at 1.239

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 (testing)

Resistance –

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

Economic release today –

• NIL

Commentary –

• The loonie is the worst performer of the week. Consolidating around key resistance ahead of BoC rate decision.

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