Goldman Sachs Spot Desk Strategies

POSITIONING => After Friday’s price action on the back of the Draghi comments, our positioning is USD long against the G10 spectrum, namely vs EUR, JPY, GBP and NZD.

{EU} Short EURUSD => We are short cash and maintain our downside option with ECB 4th Dec our target. Levels for the session: Support at 1.2360, with resistance at 1.2420-30 and then 1.2460-70. S/L at 1.2475.

{JN} Long USDJPY => We maintain our USDJPY long, with key levels for today: 116.20-40 the next real support level and 118.20 and then 118.98 (last week highs) the resistance levels above.

{GB} Short GBPUSD => We continue to play GBP from the short side vs the USD but with some concern at technical failure in EURGBP and extent of market bearishness towards GBP at this stage. Levels to watch: 1.5590 is the main support with 1.5722 the resistance above.

{NZ} Short NZDUSD => Levels to watch: support at 0.7850, while on the topside 0.7940 and 0.7975 are the resistance levels.

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