Dollar index trading at 98.15 (-0.22%).
Strength meter (today so far) – Aussie -0.04%, Kiwi -0.12%, Loonie +15%.
Strength meter (since last week) – Aussie -1.59%, Kiwi -1.61%, Loonie -0.33%.
AUD/USD –
Trading at 0.762
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 – 0.775-0.778
Economic release today –
- Building permits in February decresed -3.2% m/m, however up 14.2% y/y.
Commentary –
- Aussie struggling to keep gains above 0.76 level, however it bounced back from short term support area.
- Inverted hammer appeared in weekly chart. Bias remains downwards.
NZD/USD –
Trading at 0.744
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 struggling to keep head above 0.745, however it successfully bounced back from rising trend line support area.
- 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 –
- RBC manufacturing PMI for March came at 48.9, still negative but higher than previous 48.7
Commentary –
- Canadian dollar is top performer today and this week so far.
- Loonie dropped towards 1.27 against dollar around the same time with other pairs from broad based US dollar strength. Pair traded low around 1.263 after weaker economic release from US.
- Scope of a full scale breakout above looks limited without a catalyst as NFP looms ahead in the week.
The material has been provided by InstaForex Company – www.instaforex.com