Currency Snapshot (commodity Pairs)

Dollar index trading at 96.96 (+0.09%).

Strength meter (today so far) – Aussie -0.18%, Kiwi -0.90%, Loonie -0.64%.

Strength meter (since last week) – Aussie -2.31%, Kiwi -2.52%, Loonie -1.82%.

AUD/USD –

Trading at 0.764

Trend meter –

  • Long term – Sell, Medium term – Range, 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 – 0.793-0.796, Immediate -0.787

Economic release today –

  • HIA new home sales grew 0.6% m/m in April and private sector credit grew at 6.1% from a year ago.

Commentary –                                                                               

  • Aussie selloffs have stabilized as price stands very close to crucial short term support. Selloffs are likely to resume at rallies.

NZD/USD –

Trading at 0.711

Trend meter –

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

Support –

  • Long term – 0.653, Medium term – 0.719-0.712(broken), Short term – 0.71

Resistance –

  • Long term – 0.883, Medium term – 0.80-0.805, Short term – 0.737-0.74, Immediate – 0.719-0.721

Economic release today –

  • ANZ survey showed business confidence waned in May with headline index falling 15 points. Inflation expectations reached record low at 1.6%

Commentary –

  • Kiwi selloffs gathered pace once more today making it the worst performer this week. Selling the rallies are recommended. Support area of 0.72-0.712 is broken. 0.70 will act as vital psychological support.

USD/CAD –

Trading at 1.25

Trend meter –

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

Support –

  • Long term – 1.17, Medium term – 1.1840-1.18, Short term – 1.217, Immediate – 1.238-1.236

Resistance –

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

Economic release today –

  • GDP shrank by -0.6%, worse than expected +0.2% growth.

Commentary –

  • Crude jump back provided some support to the economy, however worse than expected GDP data spoiled the mood.

 

 

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

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