Currency snapshot (commodity pairs)

Dollar index trading at 97.39 (-0.20%)

Strength meter (today so far) – Aussie +0.22%, Kiwi +0.42%, Loonie -0.15%

Strength meter (since last week) – Aussie +0.27%, Kiwi +0.54%, Loonie -0.45%

AUD/USD –

Trading at 0.746

Trend meter –

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

Support –

• Long term – 0.71, Medium term – 0.73, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.78, Short term – 0.755

Economic release today –

• Building permits grew by 4.4 percent m/m in April, down more than 17 percent from a year ago.

Commentary –

• Aussie’s performance improved. The declining n iron ore price is weighing on the Aussie. Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.708

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.67, Short term – 0.67

Resistance –

• Long term – 0.76, Medium term – 0.73, Short term – 0.723

Economic release today –

• RBNZ will release financial stability report at 21:00 GMT.

Commentary –

• The kiwi is leading the commodity pairs again this week.

 USD/CAD –

Trading at 1.349

Trend meter –

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

Support –

• Long term – 1.32, Medium term – 1.33, Short term – 1.35 (broken)

Resistance –

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

Economic release today –

• NIL

Commentary –   

• Loonie remains dogged by lower oil price.