POSITIONING => We have reduced our EURUSD short going into the ECB, but have reengaged on our USD long vs AUD after yesterday’s compelling price action, and have bought some topside 1w options in USDJPY.
Flat EURUSD => We prefer to be flat going into the ECB and have more flexibility for today’s session, with key levels for today: On the topside, resistance at 1.2580 (Tuesday highs which offer a good entry point for shorts), and support comes in at 1.2470 and then 1.2439 (YTD lows).
Long USDJPY => Here we stick with our core long position and have added some 1w topside options, with levels for the session: support at 113.80, with resistance at 115 then 115.50. S/L 113.10.
Short AUDUSD => We have entered a short position here after yesterday’s break of the 0.8645-55 YTD lows, with levels to watch for the session: support at 0.8555 (Asian lows), and resistance at the 0.8645-60 pivot.
Short NZDUSD => Here we like to remain short, with levels to watch: support at 0.77 (cycle lows momentarily breached yesterday), and resistance at 0.7880 (Friday’s high) and 0.7940.
Short GBPUSD => We remain short here via both cash and options with key levels to watch: 1.5869 yesterdays/YTD lows the support, 1.5875 relevant on closing basis. Topside 1.6030/40 the main resistance area,