GS: G10 FX SPOT TRADER VIEWS
POSITIONING => We have reengaged our EUR short going out the ECB given Draghi’s strong message, but prefer to tread lightly on EURUSD to give us a higher degree of manoeuvrability going into NFP today. Our positioning remains long USD across the G10 spectrum.
Short EURUSD => We have reengaged in a small short after yesterday’s ECB but still prefer to be light on position to give us more manoeuvrability going into NFP, with key levels for today: On the topside, resistance at 1.2425 (good selling point here) or 1.2450-60 (if NFP disappoints), and support comes in at 1.2368 (Asian lows) and then 1.2350.
Long USDJPY => Here we stick with our core long position through cash and options, with levels for the session: support at 115 then 114.75, with resistance at 116.
Short AUDUSD => We have entered a short position here after the crucial break of the 0.8645-55 YTD lows, with levels to watch for the session: support at 0.8540 (Asian lows), and resistance at the 0.8645 pivot.
Short NZDUSD => Here we like to remain short, with levels to watch: support at 0.7660-70 (past two sessions Asian lows), and resistance at 0.7750-60 (yesterday’s double top).
Short GBPUSD => We remain short here via both cash and options with key levels to watch: levels to watch: little support now until 61.8% retracement of 2013 lows to 2014 highs at 1.5722, ahead of that o/n lows 1.5817, and topside 1.5875 interesting weekly closing basis and 1.5900.