Currency snapshot (commodity pairs)

Dollar index trading at 95.72 (-0.20%)

Strength meter (today so far) - Aussie -1%, Kiwi -0.15%, Loonie -0.39%.

Strength meter (since last week) - Aussie -0.63%, Kiwi +1.46%, Loonie +0.02%.

AUD/USD 

Trading at 0.703

Trend meter 

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

Support 

• Long term - 0.60, Medium term - 0.67, Short term - 0.70

Resistance 

• Long term - 0.87, Medium term - 0.83, Short term - 0.78, Immediate - 0.74

Economic release today -

• Building permits rose by 4.2% in July from June, up 13.4% from a year ago.
• RBA held rates steady.

Commentary                                                                           

• Aussie is close to breaking 0.7 mark. 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 0.634

Trend meter -

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

Support -

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

Resistance -

• Long term - 0.78, Medium term - 0.75, Short term - 0.70, Immediate - 0.68

Economic release today -

• Terms of trade index to be released at 22:45 GMT.
• ANZ business confidence deteriorated to -29.1 in August, compared to -15.3 in July.

Commentary -

• Kiwi in for its next target around 0.56 against Dollar, with slowdown in China and further loosening of policy from RBNZ. Kiwi remains relatively better performer today after yesterday's massive selloffs.

USD/CAD 

Trading at 1.319

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.217, Short term - 1.29

Resistance -

• Long term - 1.40(broken), Medium term - 1.35, Short term - 1.35

Economic release today -

• GDP contracted by -0.5% in second quarter.

Commentary     

• Loonie is the best performer this week as oil price jumped back sharply for three consecutive days. However today it is facing headwinds as oil price is correcting down.