Currency snapshot (commodity pairs)

Dollar index trading at 93.89 (+0.45%)

Strength meter (today so far) – Aussie -0.08%, Kiwi -0.16%, Loonie +0.00%

Strength meter (since last week) – Aussie +0.43%, Kiwi -0.15%, Loonie +0.40%

AUD/USD –

Trading at 0.793

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 –

• The unemployment rate declined to 5.6 percent in July, despite participation ticking up to 65.1 percent.
• 27,900 jobs were created.

Commentary –

• Aussie is enjoying a major breakout, likely to rise towards 0.82 against the dollar. It has recovered lost grounds as the dollar weakened after Fed minutes. Further downside correction likely.

NZD/USD –

Trading at 0.73

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 –

• NIL

Commentary –

• Kiwi is grinding lower on RBNZ guidance and weaker milk price. It has, however, recovered since yesterday as the dollar weakened on Fed minutes. Active call – Buy Kiwi targeting 0.825.

 USD/CAD –

Trading at 1.262

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 –

• Manufacturing shipments declined 1.8 percent in June.

Commentary –

• The loonie is facing downside pressure on weak oil price and recovering dollar but recovered earlier loss since last night as the dollar weakened post Fed minutes.

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