Currency snapshot (commodity pairs)

Dollar index trading at 94.22 (-0.29%)

Strength meter (today so far) – Aussie +0.4%, Kiwi +0.83%, Loonie +0.51%

Strength meter (since last week) – Aussie +1.22%, Kiwi +1.74%, Loonie +0.8%

AUD/USD –

Trading at 0.78

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 –

• RBA released its minutes of April meeting.

Commentary –                                                                               

• Aussie reached 10 month high against Dollar on higher iron ore price and weaker Dollar. RBA minutes indicate longer rate pause.

NZD/USD –

Trading at 0.703

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 (broken)

Economic release today –

• Dairy auction is scheduled today.

Commentary –

• Kiwi is the best performer this week, broken above 0.7 area on weaker Dollar.

USD/CAD –

Trading at 1.271

Trend meter –

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

Support –

• Long term – 1.19, Medium term – 1.22 , Short term – 1.25

Resistance –

• Long term – 1.334, Medium term – 1.32, Short term – 1.3

Economic release today –

• NIL

Commentary –                                                                                         

• Loonie recovered from yesterday’s early loss as oil price rebounded sharply. All targets reached except 1.17 area, which may take a while and correction higher for the pair.