Currency snapshot (commodity pairs)

Dollar index trading at 94.44 (-0.1%)

Strength meter (today so far) – Aussie +0.64%, Kiwi +0.27%, Loonie -0.26%

Strength meter (since last week) – Aussie +0.88%, Kiwi +0.64%, Loonie -0.05%

AUD/USD –

Trading at 0.733

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 –

• New motor vehicle sales down -2.5% in April, up 2.4% from a year back.

Commentary –                                                                               

• Aussie is up for second consecutive day, trying to build on to support around 0.728 area. Active call – Sell Aussie against Dollar @0.75 targeting 0.7 area, with stop loss around 0.785

NZD/USD –

Trading at 0.68

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 inflation expectations at 1.6% same as prior.

Commentary –

• Kiwi is consolidating around 0.68 area. Further downside likely.

USD/CAD –

Trading at 1.294

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 almost flat this week so far. Loonie is likely to gain further but more likely to consolidate in near term.