Currency snapshot (commodity pairs)

Dollar index trading at 96.50 (+0.54%)

Strength meter (today so far) - Aussie -0.21%, Kiwi +0.47%, Loonie +0.61%.

Strength meter (since last week) - Aussie -1.86%, Kiwi -0.79%, Loonie +0.08%.

AUD/USD -

Trading at 0.703

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Sell

Support -

• Long term - 0.60, Medium term - 0.68, Short term - 0.70

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.78, Immediate - 0.73

Economic release today -

• Retail sales dropped by -0.1% in July.
• Trade balance for July came at -2.46 billion, with imports staying flat and exports growing 2%.

Commentary -                                                                               

• Aussie is trying to pose comeback after reaching second target of 0.7. Active call - Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70, 0.685 and 0.65.

NZD/USD -

Trading at 0.64

Trend meter -

• Long term - Sell, Medium term - Range/sell, Short term - Range/Sell

Support -

• Long term - 0.56, Medium term - 0.60, Short term - 0.60

Resistance -

• Long term - 0.78, Medium term - 0.75, Short term - 0.70, Immediate - 0.68

Economic release today -

• NIL

Commentary -

• Kiwi in for its next target around 0.56 against Dollar, with slowdown in China and further loosening of policy from RBNZ. Kiwi is bouncing back today as commodities recover sharply.

USD/CAD -

Trading at 1.318

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/Buy

Support -

• Long term - 1.17, Medium term - 1.217, Short term - 1.29

Resistance -

• Long term - 1.40(broken), Medium term - 1.35, Short term - 1.35

Economic release today -

• Merchandise trade

Commentary -                                                                                         

• Loonie is the best performer this week and today as oil price jumped back sharply after two days slump. Range is likely to continue with upward bias.