POSITIONING => With USD relatively offered across the board for once ahead of NFP, we reduced yesterday part of USD long exposure (cut vs JPY, reduced vs CAD) and maintain it vs EUR and GBP.
{EU} Short EURUSD => We maintain our core bearish view here, with key levels for the session: Resistance comes in at the 1.1360-65 level, with support down at 1.1260. S/L at 1.1450
{JN} Cut Long USDJPY => The risk/reward into Friday’s NFP may have actually flipped to the downside for once given the run of weaker US activity data. Hence we cut our long and 118.50-119.00 should still offer a good resistance
{CA} Reduced Long USDCAD => Flash liquidation of CAD shorts yesterday forced us to reduce our long but risk reward of maintaining USD length is attractive. 1.2560 needs to hold on a closing basis, topside 1.2650 the breakdown area yesterday now provides resistance.
Small Short GBPUSD => Progress to the topside remains limited despite stronger UK PMI yesterday and we maintain our short. Immediate support at Fridays lows of 1.4989, topside 1.5100/20 resistance.
{AU} Flat AUDUSD => RBA delivers and cuts rates 25bps o/n and with commodity sell off not abating, the AUD should continue to struggle. We look to fade rallies back above 0.7700.
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