Currency snapshot (commodity pairs)

Dollar index trading at 94.4 (-0.44%)

Strength meter (today so far) – Aussie +0.50%, Kiwi +0.76%, Loonie +0.64%

Strength meter (since last week) – Aussie +2.60%, Kiwi +4.06%, Loonie +2.82%

AUD/USD –

Trading at 0.77

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.728, Short term – 0.742

Resistance –

• Long term – 0.82, Medium term – 0.79, Short term – 0.79

Economic release today –

• HIA new home sales declined -5.7% in February.

Commentary –                                                                               

• Aussie is continuing its gain on weaker Dollar, despite lacklustre performance in commodities.

NZD/USD –

Trading at 0.695

Trend meter –

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

Support –

• Long term – 0.56, Medium term – 0.62, Short term – 0.643

Resistance –

• Long term – 0.77, Medium term – 0.724, Short term – 0.69 (testing/broken)

Economic release today –

• ANZ business confidence dropped to 3.2 in February from 7.1 in January.

Commentary –

• Kiwi is best performer this week and today and broken above a significant resistance yesterday. Bulls aiming 0.8 area.

USD/CAD –

Trading at 1.289

Trend meter –

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

Support –

• Long term – 1.285, Medium term – 1.285 , Short term – 1.285

Resistance –

• Long term – 1.38, Medium term – 1.35, Short term – 1.33

Economic release today –

• Canada GDP grew 0.6% in January on monthly basis.

Commentary –                                                                                         

• Loonie is up on weaker Dollar. Oil recovery is also providing support. Next targets are, 1.285 and 1.17 area.