Currency snapshot (commodity pairs)

Dollar index trading at 95.2 (-0.26%)

Strength meter (today so far) - Aussie +0.80%, Kiwi -0.33%, Loonie +0.40%.

Strength meter (since last week) - Aussie +0.78%, Kiwi -0.24%, Loonie +0.93%.

AUD/USD -

Trading at 0.79

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.71, Short term - 0.756-0.75

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.79-0.80

Economic release today -

• Australian trade deficit shrank to $-1.3 billion.
• RBA provided 25 basis points rate cut bringing lending rate to 2%.

Commentary -

• Aussie bulls recovered remarkably in spite of rate cut, as further cuts looks unlikely in near term. However bulls are struggling to keep their heads above 0.79 area.

NZD/USD -

Trading at 0.751

Trend meter -

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

Support -

• Long term - 0.653, Medium term - 0.719-0.712, Short term - 0.738-0.736, Immediate - 0.744-0.741

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.768-0.772

Economic release today -

• NIL

Commentary -

• Kiwi continues to lag other major and commodity currencies as RBNZ kept outlook dovish.

USD/CAD -

Trading at 1.204

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.1840-1.18, Short term - 1.205-1.20

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.235-1.241, Immediate - 1.225-1.228

Economic release today -

• NIL

Commentary -

• Loonie is performing well today as oil priced firmed further. Loonie is the best performing currency so far this week.