Currency snapshot (commodity pairs)

Dollar index trading at 95.52 (-0.58%)

Strength meter (today so far) - Aussie +0.86%, Kiwi +0.66%, Loonie +0.36%.

Strength meter (since last week) - Aussie +1.16%, Kiwi +1.59%, Loonie +0.84%.

AUD/USD -

Trading at 0.714

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.65, Short term - 0.685, immediate - 0.695

Resistance -

• Long term - 0.83, Medium term - 0.725, Short term - 0.725

Economic release today -

• Australia's trade deficit deteriorated to -3.095 billion in August.
• RBA decided to hold policy rate steady at 2%

Commentary -                                                                               

• Aussie is the best performer today, however China concern likely to weigh going ahead. Active call - Sell Aussie @ 0.76 with stop around 0.785 and 0.825 to target 0.715, 0.70, 0.685 and 0.65.

NZD/USD -

Trading at 0.654

Trend meter -

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

Support -

• Long term - 0.56, Medium term - 0.60, Short term - 0.615

Resistance -

• Long term - 0.71, Medium term - 0.68, Short term - 0.643-0.652

Economic release today -

• Dairy price rose by 9.9% in today's auction making it fourth consecutive price rise.

Commentary -

• Kiwi in for its next target around 0.56 against Dollar, with slowdown in China and further loosening of policy from RBNZ. Kiwi is best performer this week is testing its resistance around 0.65.

USD/CAD -

Trading at 1.304

Trend meter -

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

Support -

• Long term - 1.19, Medium term - 1.26, Short term - 1.29,

Resistance -

• Long term - 1.38, Medium term - 1.35, Short term - 1.35

Economic release today -

• Trade balance deteriorated to -$2.53 billion in August.

Commentary -                                                                                         

• Loonie is up in line with broad based strength in commodity currencies. Pair is trading close to 1.3 psychological support. Might fall further as oil has broken above its current triangular consolidation.