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Currency snapshot (commodity pairs)

Dollar index trading at 93.43 (-0.26%)

Strength meter (today so far) – Aussie +0.64%, Kiwi +0.56%, Loonie +0.73%

Strength meter (since last week) – Aussie +0.43%, Kiwi +0.10%, Loonie +0.65%

AUD/USD –

Trading at 0.792

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 but further downside correction likely.

NZD/USD –

Trading at 0.732

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 has recovered from an earlier loss in the week as the dollar weakened on Fed minutes. Active call – Buy Kiwi targeting 0.825.

 USD/CAD –

Trading at 1.259

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 –

  • CPI up 1.2 percent y/y in July. Core CPI up 0.9 percent y/y.

Commentary –

  • The loonie is the best performer this week.

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