Currency snapshot (commodity pairs)

Dollar index trading at 95.58 (-0.1%)

Strength meter (today so far) – Aussie +0.82%, Kiwi +0.60%, Loonie +0.04%

Strength meter (since last week) – Aussie +0.82%, Kiwi +0.60%, Loonie +0.04%

AUD/USD –

Trading at 0.753

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.72, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.765, Short term – 0.75

Economic release today –

• TD securities inflation grew 0.6 percent in June, up 1.5 percent from a year back.
• Building permits declined -5.2 percent in May, down -9.1 percent from a year back.

Commentary –

• Aussie gained sharply despite an inconclusive general election. Active call – Buy AUD/USD at 0.752 and at dip with the stop loss at 0.71 and the target at 0.82

NZD/USD –

Trading at 0.721

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.69, Short term – 0.69

Resistance –

• Long term – 0.8, Medium term – 0.76, Short term – 0.73

Economic release today –

• NZIER business confidence for second quarter will be released at 22:00 GMT.

Commentary –

• Kiwi is back testing the area of resistance from around 0.72

USD/CAD –

Trading at 1.286

Trend meter –

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

Support –

• Long term – 1.248, Medium term – 1.25 , Short term – 1.25

Resistance –

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

Economic release today –

• RBC manufacturing PMI will be released at 13:30 GMT.

Commentary –   

• Loonie is the weakest performer today.