Currency snapshot (commodity pairs)

Dollar index trading at 95.6 (+0.04%)

Strength meter (today so far) – Aussie +0.15%, Kiwi +0.45%, Loonie +0.01%

Strength meter (since last week) – Aussie +1%, Kiwi +2.3%, Loonie -0.59%

AUD/USD –

Trading at 0.727

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.7, Short term – 0.7

Resistance –

• Long term – 0.782, Medium term – 0.74, Short term – 0.732

Economic release today –

• Trade deficit came at 1.58 billion for April, as exports rose 1% and imports declined 1%.

Commentary –                                                                               

• Aussie recovered some ground this week. Active call – Sell Aussie against Dollar @0.75 targeting 0.7 area, with stop loss around 0.785

NZD/USD –

Trading at 0.682

Trend meter –

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

Support –

• Long term – 0.62, Medium term – 0.63, Short term – 0.656

Resistance –

• Long term – 0.71, Medium term – 0.683, Short term – 0.683

Economic release today –

• NIL

Commentary –

• Kiwi is best performer this week as dairy prices rose by 3.4% in latest auction. Active call – Sell kiwi against Dollar @0.68 and at rallies with stop loss at 0.725 are and target at 0.61

USD/CAD –

Trading at 1.305

Trend meter –

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

Support –

• Long term – 1.248, Medium term – 1.278 , Short term – 1.278

Resistance –

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

Economic release today –

• Trade balance for April and labor productivity for first quarter will be released at 12:30 GMT.

Commentary –                                                                                         

• Loonie is worst performer this week as oil prices slide on oversupply concern.