Currency snapshot (commodity pairs)

Dollar index trading at 98.07 (+0.14%)

Strength meter (today so far) - Aussie -0.43%, Kiwi -0.31%, Loonie +0.04%.

Strength meter (since last week) - Aussie +0.64%, Kiwi -1.11%, Loonie -0.77%.

AUD/USD -

Trading at 0.734

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 - 0.78, Immediate - 0.75

Economic release today -

• NIL

Commentary -                                                                               

• Aussie remains best performing currency so far this week hence RBA held rates steady. Active call - Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70 and 0.65.

NZD/USD -

Trading at 0.651

Trend meter -

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

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 -

• Bears are assaulting 0.65 area today, however it is unlikely to break before NFP on Friday.

USD/CAD -

Trading at 1.318

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.217, Short term - 1.265

Resistance -

• Long term - 1.32, Medium term - 1.315-1.32, Short term - 1.32

Economic release today -

• Merchandise trade balance came at -$0.5 billion in June as exports improved.

Commentary -                                                                                         

• Canadian dollar remains sell against dollar, the pair might reach as high as 1.38. Crude oil bounce back providing some support to Loonie.