Currency snapshot (commodity pairs)

Dollar index trading at 97.10 (+0.49%)

Strength meter (today so far) – Aussie -0.19%, Kiwi +0.36%, Loonie -0.61%

Strength meter (since last week) – Aussie -0.19%, Kiwi +0.36%, Loonie -0.61%

AUD/USD –

Trading at 0.719

Trend meter –

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

Support –

• Long term – 0.67, Medium term – 0.69, Short term – 0.71

Resistance –

• Long term – 0.79 Medium term – 0.75, Short term – 0.732

Economic release today –

• Home loans rose 2.2 percent in October. Investment lending for homes up 0.6 percent.

Commentary –

• The Australian dollar is declining sharply after a failure to break the key resistance around 0.733 area and as the USD recovered. Weaker than expected Q3 GDP is also weighing on the Aussie.

NZD/USD -

Trading at 0.687

Trend meter -

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

Support –

• Long term – 0.62, Medium term – 0.65, Short term – 0.66

Resistance –

• Long term – 0.735, Medium term – 0.72, Short term – 0.695 (testing)

Economic release today –

• NIL

Commentary –

• The New Zealand dollar is the best performer of the third consecutive week as stronger economy weighs over stronger USD. Active Call - Sell kiwi targeting 0.59 area.

 USD/CAD –

Trading at 1.339

Trend meter –

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

Support –

• Long term – 1.26, Medium term – 1.29, Short term – 1.315

Resistance –

• Long term – 1.35, Medium term – 1.33, Short term – 1.33 (broken)

Economic release today –

• Housing starts rose to 216,000 in November y/y from 207K in October.
• October building permits down 0.2 percent in October.

Commentary –

• Loonie recovered on the back of a weaker USD but lower oil price weigh. Canada’s benchmark crude oil trading at just $26.6 per barrel.   Active Call - Sell USD/CAD at 1.314 targeting 1.25 area.