Currency snapshot (commodity pairs)

Dollar index trading at 97.869 (+0.20%)

Strength meter (today so far) - Aussie -0.51%, Kiwi +0.04%, Loonie -0.21%.

Strength meter (since last week) - Aussie -0.77%, Kiwi -2.83%, Loonie -2.62%.

AUD/USD -

Trading at 0.738

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.71, Short term - 0.71-0.715

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.793-0.796

Economic release today -

• CB leading indicator rose by 0.2% in May.

Commentary -                                                                               

• Aussie is relatively better performer this week, as improved economic dockets providing some relief. Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70 and 0.65.

NZD/USD -

Trading at 0.652

Trend meter -

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

Support -

• Long term - 0.653, Medium term - 0.65, Short term - 0.65

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.737-0.74, Immediate - 0.705

Economic release today -

• NIL

Commentary -

• Kiwi is the worst performer this week, weak dairy price and further rate cut bet from RBNZ fuelling the downtrend.

USD/CAD -

Trading at 1.30

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.1840-1.18, Short term - 1.217-1.213

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.30

Economic release today -

• NIL

Commentary -                                                                                         

• Canadian dollar remains sell against dollar, the pair might reach as high as 1.38. BOC's rate cut keeping dollar bulls energized. Loonie is likely to drop sharply if WTI break below $50 area.