Commodity currencies posted impressive recoveries against the greenback after the knee jerk suffered post FOMC. In fact, NZD/USD trades above past Thursday high, currently around 0.8350. AUD/USD recovery however, continues to find sellers in the 1.0500/20 area. The level has turned into a key resistance, but is far from discouraging Aussie buyers: the pair has surged too fast from the 1.0390/1.0400 area to even consider the upward pressure is over. 

With stocks and commodities trading in red today, both currencies maintain intraday gains: the AUD/USD, will likely continue consolidating in the 1.0460/1.0510 area, ahead of early Tuesday Australian Trade Balance. The report is big enough to move the pair beyond recent highs if numbers surprise to the upside, a break of recent highs will advance an upward continuation towards the 1.0580/1.0600 price zone. Dips up to 1.0380 should be consider buying opportunities, and only below 1.0330 the upward trend will be challenged.

NZD/USD will also benefit from positive AUD numbers, or suffer with negative ones. Trading with a strong intraday upward momentum, an extension beyond 0.8400 will open doors for a test of the strong static resistance level at 0.8470; the pair has been unable to break above since August 2011. Expect limited pullbacks from the level, and a 100 pips straight run up if broken. With short term supports at 0.8330 and 0.8280, the pair can fall up to 0.8220 without jeopardizing current bullish midterm trend.