Currency snapshot (commodity pairs)

Dollar index trading at 93.91 (+0.06%)

Strength meter (today so far) – Aussie +0.01%, Kiwi +0.33%, Loonie +0.56%

Strength meter (since last week) – Aussie -0.04%, Kiwi +0.12%, Loonie +0.92%

AUD/USD –

Trading at 0.735

Trend meter –

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

Support –

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

Resistance –

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

Economic release today –

• Consumer inflation expectations over next one year declined to 3.2% from 3.6% prior.

Commentary –                                                                               

• Aussie is trying to form a base at 0.73 area, however weak compared to performance against weaker Dollar. Active call – Sell Aussie against Dollar @0.75 targeting 0.7 area, with stop loss around 0.785

NZD/USD –

Trading at 0.684

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 –

• Retail sales for first quarter will be released at 22:45 GMT.

Commentary –

• Kiwi recovered lots of grounds since Tuesday, now marginally positive against Dollar.

USD/CAD –

Trading at 1.279

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 –

• Price for new housing rose by 2% y/y.

Commentary –                                                                                         

• Loonie is best performer on higher oil price. Loonie is likely to gain further but more likely to consolidate in near term.