Currency snapshot (commodity pairs)

Dollar index trading at 93.86 (-0.55%)

Strength meter (today so far) – Aussie +0.07%, Kiwi +0.42%, Loonie -0.09%

Strength meter (since last week) – Aussie -1.22%, Kiwi +1.58%, Loonie +0.56%

AUD/USD –

Trading at 0.76

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 –

• Australia’s terms of trade deteriorated as import prices dropped -3% in first quarter while export prices dropped -4.7%

Commentary –                                                                               

• Aussie dropped sharply today after inflation unexpectedly dropped, providing room to cut rates.

NZD/USD –

Trading at 0.686

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 – 0.724

Economic release today –

• RBNZ Kept monetary policy unchanged at 2.25%.

Commentary –

• Kiwi gained ground and best performer today and this week as FED and RBNZ kept rates on hold.

USD/CAD –

Trading at 1.26

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 is testing key resistance around 1.25 area. All targets reached except 1.17 area, which may take a while and correction higher for the pair.