Currency snapshot (commodity pairs)

Dollar index trading at 91.55 (-0.02%)

Strength meter (today so far) – Aussie +0.39%, Kiwi +0.30%, Loonie +0.68%

Strength meter (since last week) – Aussie +1.11%, Kiwi +1.55%, Loonie +1.15%

AUD/USD –

Trading at 0.804

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 –

• July trade balance came at 460 million with imports declining by 1 percent and export by 2 percent.

Commentary –

• Aussie is enjoying a major breakout, likely to rise towards 0.82 against the dollar. It has once again cleared the resistance around 0.8 area.

NZD/USD –

Trading at 0.723

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 –

• Second quarter manufacturing sales report will be released at 22:45 GMT.

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 1.215

Trend meter –

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

Support –

• Long term – 1.2, Medium term – 1.235, Short term – 1.235 (broken)

Resistance –

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

Economic release today –

• NIL

Commentary –

• The loonie is the best performer of the week as BoC surprised markets with a rate hike.

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