Currency Snapshot (commodity Pairs)

Dollar index trading at 97.52 (-0.60%).

Strength meter (today so far) – Aussie -0.17%, Kiwi +0.92%, Loonie +31%.

Strength meter (since last week) – Aussie -2.11%, Kiwi -0.79%, Loonie +0.34%.

AUD/USD –

Trading at 0.758

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, Immediate – 0.766-0.769

Economic release today –

  • Trade deficit worsened at $-1.25 billion. Exports grew ar 1% while imports up by 2%.

Commentary –

  • Aussie tested short term support area today, broke to new low against dollar. Pair traded as low as 0.753 against dollar.
  • Sellers are at large today, pair is struggling to break above 0.76 level.
  • Iron ore, one of its top exports broke below $50 per metric ton.

NZD/USD –

Trading at 0.75

Trend meter –

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

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, Immediate – 0.757-0.76

Economic release today –

  • NIL

Commentary –

  • Pair is trying to stage a comeback from rising trend channel support, however pair might face further sell offs as global dairy price remains very low.
  • Very bearish with long upper shadow appeared in week chart. Very close to a grave stone doji. Bias downwards.

USD/CAD –

Trading at 1.265

Trend meter –

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

Support –

  • Long term – 1.17, Medium term – 1.24-1.234, Short term – 1.247-1.245. Immediate – 1.254-1.251

Resistance –

  • Long term – 1.298-1.315, Medium term – 1.30-1.35, Short term – 1.284

Economic release today –

  • Trade deficit shrank to $-0.98 billion. Exports rose while imports dropped.

Commentary –

  • Canadian dollar is top performer this week so far even including the majors.
  • Pair remains tightly range bound.
  • Loonie has gained abound 100 points after making low of 1.265 against dollar.

 

 

 

The material has been provided by InstaForex Company – www.instaforex.com

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