FX Updates via the FXWW Chatroom

EUR: This feels like a patience trade but I continue to expect the euro to drift lower and eventually break the 1.1098 cycle lows. In the meantime resistance is expected at yesterday’s 1.1242 high and I would not want to see the currency back above 1.1280.
JPY: Japanese wage figures reassure even though part time workers saw working hours and wages decline – all eyes on NFP Friday to guide the Dollar side of the equation from here.
GBP: Increasingly feels like we have seen a top in the Pound and that corporate hedging into election will likely dominate. We maintain bearish view with support zone still 1.5300/20, resistance still 1.5440/60.
AUD: Given the lack of follow-through overnight, it feels like the market may be staying short hoping for a weak GDP number tonight, so it may pay instead to wait to fade the squeeze on a strong number. Levels: support at 0.7750 with immediate resistance at 0.7850 and 0.7900 above.
CAD: Our conviction for USDCAD higher remains one of our strongest, but the overall positioning in the market seems distinctly lighter. Levels: immediate support at 1.2450 with 1.2388 below and 1.2575 to the topside. 

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