Currency snapshot (commodity pairs)

Dollar index trading at 95.87 (+0.65%)

Strength meter (today so far) - Aussie -0.74%, Kiwi +1.17%, Loonie -0.24%.

Strength meter (since last week) - Aussie -0.74%, Kiwi +1.17%, Loonie -0.24%.

AUD/USD -

Trading at 0.713

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.65, Short term - 0.685, immediate - 0.695

Resistance -

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

Economic release today -

• NIL

Commentary -                                                                               

• Aussie has formed inverted hammer on Friday and soured further today. Selloffs likely to continue. 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 0.631

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. Dollar is back again dominating commodity currencies.

USD/CAD -

Trading at 1.325

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 -

• Wholesale sales failed to grow in July.

Commentary -                                                                                         

• Loonie is trading with downside bias, however it is best performing commodity currency thanks to higher oil price.