Currency snapshot (commodity pairs)

Dollar index trading at 94.01 (+0.28%)

Strength meter (today so far) – Aussie +0.38%, Kiwi +0.13%, Loonie +0.15%

Strength meter (since last week) – Aussie -0.46%, Kiwi -0.98%, Loonie -0.48%

AUD/USD –

Trading at 0.785

Trend meter –

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

Support –

• Long term – 0.746, Medium term – 0.765, Short term – 0.77

Resistance –

• Long term – 0.825, Medium term – 0.825, Short term – 0.8

Economic release today –

• Wage index up 0.5 percent q/q in Q2, up 1.9 percent from a year ago.

Commentary –

• Aussie is enjoying a major breakout, likely to rise towards 0.82 against the dollar. It is down this week as the dollar recovers. Further downside correction likely.

NZD/USD –

Trading at 0.724

Trend meter –

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

Support –

• Long term – 0.69, Medium term – 0.71, Short term – 0.73 (broken)

Resistance –

• Long term – 0.76, Medium term – 0.76, Short term – 0.75

Economic release today –

• Producer price inflation report will be released at 22:45 GMT.

Commentary –

• Kiwi is grinding lower on RBNZ guidance and weaker milk price. Active call – Buy Kiwi targeting 0.825.

 USD/CAD –

Trading at 1.273

Trend meter –

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

Support –

• Long term – 1.22, Medium term – 1.235, Short term – 1.235

Resistance –

• Long term – 1.32, Medium term – 1.295, Short term – 1.28

Economic release today –

• NIL

Commentary –

• The loonie is the down this week on weak oil price and recovering dollar.

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