Currency Snapshot (commodity Pairs)

Dollar index trading at 97.73 (+0.69%).

Strength meter (today so far) – Aussie +0.70%, Kiwi -0.39%, Loonie -10%.

Strength meter (since last week) – Aussie +0.73%, Kiwi -0.74%, Loonie -0.03%.

AUD/USD –

Trading at 0.764

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 –

  • RBA kept policy rates steady at 2.25%. Retail sales grew 0.7% in March, up from February.

Commentary –

  • Aussie posed lackluster bounce back as RBA kept rates on hold. It gained to 0.771 post RBA but failed to maintain gains above.
  • Aussie remains capped, in spite of being best performer today.
  • Weaker terms of trade is weighing on the currency.

NZD/USD –

Trading at 0.75

Trend meter –

  • Long term – Sell, Medium term – Buy/Range, Short term – 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 – 0.76-0.763

Economic release today –

  • NIL

Commentary –

  • As expected pair faced sell offs in resistance zone. A break below trend line might see massive selloffs.
  • Very bearish doji with long upper shadow remain in focus in weekly chart. Very close to a grave stone doji. Bias is still downwards.

USD/CAD –

Trading at 1.249

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

Resistance –

  • Long term – 1.298-1.315, Medium term – 1.30-1.35, Short term – 1.28 -1.284

Economic release today –

  • NIL

Commentary –

  • Canadian dollar is doing fair comparatively this week. The pair remains range bound facing headwinds from stronger dollar and support from stronger oil price.

 

 

 

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

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