Goldman Sachs Spot Desk Strategies

We continue to like USD length before the NFP today (GS Research now in line with Bloomberg’s consensus at 225k). In the commodity complex, our largest position in G10 is long USDCAD as we think the pair could continue to go lower.

{EU} EURUSD Lower => Look for resistance towards 1.1080 and with support levels at 1.0880 and 1.0845 (August’s lows).

{JN} USDJPY Long => We are still neutral in the pair, but given the light positioning we could see it break out if we get a strong NFP. Key levels of the session: Resistance at 125.86, with support coming in 124.00.

{GB} GBPUSD Neutral => With the Bank of England coming more dovish than expected and cable going down, we now have a support at 1.5465 (yesterday’s lows) with a 1.5653 resistance (week’s highs).

{NZ} NZDUSD Lower => We still like to be short here with key levels for the session: Resistance at 0.6650 and support at 0.6490.

{AU} AUDUSD Lower => We still favor the pair lower with key levels for the session: 0.7428 resistance and 0.7290/40 as support on the downside.

{CA} USDCAD Higher => We like the pair higher with important technical levels: support levels at 1.3090, with 1.3200 as the top of the trendline.

{SZ} USDCHF Higher => We like the pair higher with key technical levels: Support at 0.9720. Resistance above lies at 0.98625 (April’s high).

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