POSITIONING => We currently favour USD longs across the G10 spectrum (vs EUR, JPY, NZD). In GBPUSD, we’ve rotated from cash into a month-end downside option.
Short EURUSD => In EURUSD we like to sell at levels of 1.2520-40, with key levels for the session: On the topside, 1.2530-35 are the Asian highs and support comes in at 1.2470 and then 1.2439 (YTD lows). S/L trailed to 1.2560-70.
Long USDJPY => We believe market positioning has still room to grow and the like the pair higher in the next few days. Levels for the session are: support at 112.80 and then 112.50, with resistance at 114. S/L 112.20.
Short NZDUSD => Here we still rather play straight short NZD vs USD than vs AUD for now. Levels to watch: support at 0.7705/15 (cycle lows), resistance at 0.7880 (Friday’s high).
Short GBPUSD through Option => We rolled majority of cash shorts into end of month downside option. Levels to watch: support at 1.5900-20 with topside resistance 1.6020-40.
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