Currency snapshot (commodity pairs)

Dollar index trading at 97.13 (-0.28%)

Strength meter (today so far) – Aussie -0.09%, Kiwi +0.34%, Loonie +0.17%

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

AUD/USD –

Trading at 0.745

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 –

• Private sector credit grew by 0.4 percent in April, up 4.9 percent from a year ago.
• AiG performance of manufacturing index will be updated at 23:30 GMT.

Commentary –

• Aussie is struggling below key 0.75 level. The declining in iron ore price is weighing on the Aussie. Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.711

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 –

• ANZ activity outlook improves to 38.3 percent in May.
• Business confidence improves to 14.9 in May.
• Terms of trade numbers will be released at 22:45 GMT.

Commentary –

• The kiwi is the best performer of the day and the week.

 USD/CAD –

Trading at 1.347

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 –

• First quarter GDP grew by 3.7 percent on a quarterly basis.

Commentary –   

• Loonie is the worst performer of the week on lower oil price.