Goldman Sachs Spot Desk Strategies

POSITIONING => The USD continues its journey higher and we maintain our USD long bias (vs EUR, JPY and AUD) but trimmed it back vs GBP given the recent strength in domestic data.

{EU} Short EURUSD via option => We maintain our downside option into ECB today: if you we get an official QE announcement, we can hit 1.1950/1.2000 – If no QE but Draghi maintains his dovish commitment, we can drift down to 1.2150 – But if we get any disappointment, the pair should squeeze higher back to 1.2450/1.2500 (the key resistance).

{JN} Long USDJPY => The pair made new highs o/n (YTD) at 119.98 and the next key levels above are options barriers at 120.00 then every 50 pips. On the downside, we would lighten our position if we get back towards 119.40/45 then 119.05/10.

{AU} Short AUDUSD => The pair made new lows o/n (YTD) at 0.8359 and we maintain our position into the end of the week. On the topside, first resistance at 0.8450 where we put our S/L.

{GB} Flat GBPUSD => Technical outlook in GBP remains confusing and given the data is again showing signs of strength, we have taken back our short. Into ECB, the pair should stay rangy : 1.5580 – 1.5750.

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