G10 FX SPOT TRADER VIEWS POSITIONING => We reduced once again our long USD positions across the board vs EUR, AUD and NZD, maintaining our small short EURGBP.
Reduced short EURUSD => Our bias is now to fade rallies : we look to sell any bounce back into the 1.2680/1.2700 zone. S/L at 1.2750. Support at YTD low 1.2571.
Flat USDJPY => We think the long position has made its way for now and we would not reengage into NFP. Support at 108.40 then yesterday’s low 108.01. Short NZDUSD => Levels to watch: support at 0.7830 then 0.7750. On the topside, first resistance at overnight highs 0.7928.
Short AUDUSD => Levels to watch: support at 0.8760 then YTD lows 0.8660. On the topside, 0.8830 still the key resistance (yesterday’s high at 0.8827).
Short EURGBP => But we look to reconsider the position through topside pivots at above 0.7889 and 0.7920 pivot. Support at YTD lows 0.77665.