Currency snapshot (commodity pairs)

Dollar index trading at 96.30 (+0.42%)

Strength meter (today so far) - Aussie +0.14%, Kiwi +0.57%, Loonie +0.20%.

Strength meter (since last week) - Aussie -0.09%, Kiwi +0.24%, Loonie -0.54%.

AUD/USD -

Trading at 0.699

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.65, Short term - 0.685, immediate - 0.695

Resistance -

• Long term - 0.83, Medium term - 0.725, Short term - 0.725

Economic release today -

• Building permits drop by -6.9% in August, overall up by 5.1%.
• Private sector credit rose by 0.6%

Commentary -                                                                               

• Aussie is marginally higher along with other commodity currencies.. Sell Aussie @ 0.76 with stop around 0.785 and 0.825 to target 0.715, 0.70, 0.685 and 0.65.

NZD/USD -

Trading at 0.636

Trend meter -

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

Support -

• Long term - 0.56, Medium term - 0.60, Short term - 0.615

Resistance -

• Long term - 0.71, Medium term - 0.68, Short term - 0.643-0.65

Economic release today -

• ANZ business confidence rose to -18.9 in September from -29.1 in August.

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 the best performer today and this week so far.

USD/CAD -

Trading at 1.342

Trend meter -

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

Support -

• Long term - 1.19, Medium term - 1.26, Short term - 1.29, immediate -1.32

Resistance -

• Long term - 1.38, Medium term - 1.35, Short term - 1.35

Economic release today -

• Canada GDP grew by 0.3% in July.

Commentary -                                                                                         

• Loonie is up today but remains a sell against Dollar. Further slide towards 1.4-1.42 is likely.