Currency snapshot (commodity pairs)

Dollar index trading at 101.16 (+0.17%)

Strength meter (today so far) – Aussie +0.34%, Kiwi +0.08%, Loonie +0.15%

Strength meter (since last week) – Aussie +0.38%, Kiwi +1.49%, Loonie +0.75%

AUD/USD –

Trading at 0.746

Trend meter –

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

Support –

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

Resistance –

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

Economic release today –

• Building permits declined by 24.9 percent in October from a year ago.
• Private sector credit rose by 5.3 percent in September from a year ago.
• AiG performance of manufacturing report will be released at 22:30 GMT.

Commentary –

• The Australian dollar is up as metal markets provide support. 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 0.714

Trend meter –

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

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 –

• ANZ business confidence came at 20.5 in November and activity outlook came at 37.6 percent.
• Money supply rose by 7.1 percent in October from a year ago.
• Third quarter terms of trade data will be published at 21:45 GMT.

Commentary –

• The kiwi is the best performer of the week so far. We expect kiwi to rise towards 0.81 area.

 USD/CAD –

Trading at 1.34

Trend meter –

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

Support –

• Long term – 1.28, Medium term – 1.3 , Short term – 1.32

Resistance –

• Long term – 1.38, Medium term – 1.365, Short term – 1.365

Economic release today –

• Raw material price, industrial product price, and third quarter GDP figure; all will be released at 13:30 GMT.

Commentary –   

• Loonie rose on the hope of an OPEC deal. We expect the loonie to reach 1.375 and 1.4.