Goldman Sachs Spot Desk Strategies

POSITIONING => Our positioning remains USD long against the G10 spectrum, namely vs EUR, JPY and GBP.

{EU} Short EURUSD => We remain short cash and maintain our downside option with ECB 4th Dec our target. Levels for today’s session: Support at 1.2402 (yesterday’s low) with resistance at 1.2480, above which we keep our current S/L (1.2530).

{JN} Long USDJPY => We maintain our USDJPY long, with key levels for today: 117.35-40 the real support level, while on the topside 118.10 is they key pivot. Resistance above at 118.50-60.

{GB} Short GBPUSD => We maintain our short via cash and options but are beginning to scale back. Levels to watch: 1.5640 support with resistance at 1.5737 and 1.5770.

{NZ} Flat NZDUSD => Levels to watch: support at 0.7766 (yesterday’s low) with resistance at 0.7865 then 0.7911 (week’s high).

{AU} Flat AUDUSD => Levels to watch: support comes in at the YTD lows of 0.8514 (reached yesterday), with resistance above at 0.8630-40.

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