Increased confidence in a Greek deal helps take US yields higher once again which in turn exposes a lack of broader USD positioning. We remain light holding our main positioning in AUD, NZD, JPY and GBP.
{EU} EURUSD Neutral => The price action would suggest we are inching towards a deal, but we stay light and flexible until we get more clarity on paper. Support at 1.1220 and 1.1180 with resistance at 1.1300 and 1.1340 (o/n’s high at 1.1347).
{JN} USDJPY Higher => USD/JPY remains one of our main long positioning – our bias is to buy on dips sub the 123 region. Resistance comes in at 124.47(post FOMC’s high) while support stays at 123.30 and then 122.45/60.
{GB} GBPUSD Higher => GBP bias is still higher given the steepening in the curve but probably smarter at this juncture to paly vs the crosses. Levels: support at overnight lows 1.5765 and 1.5750, topside 1.5830/40 should prove sticky.
{NZ} NZDUSD Lower => We continue to like both of the antipodes lower with any risk rally from a Greek resolution an opportunity to sell Kiwi leaning against 0.7013 and then 0.7082. Support at 0.6880 (last week’s low), 0.6845 and 0.6800 (Friday’s low at 0.6890), with resistance at 0.7000-15 (last week’s highs) and then 0.7080.
{AU} AUDUSD Lower => We like the pair lower with key levels: support at 0.7670, with resistance at 0.7850.
{CA} USDCAD Neutral => We remain neutral here with key levels: support at 1.2145 with resistance at 1.2345-60 (last week’s and o/n highs) and then 1.2