GS: G10 FX – London Spot Trader Views – FXWW Chatroom

OVERVIEW => With USD continuing to rally across the G10 spectrum especially vs EUR, we maintain our long USD bias namely against EUR and GBP. Into ECB, risk of ECB under delivering on the dovish side could provide headwinds to the broader USD trade pre-NFP so caution warranted.
{EU} EURUSD Lower => Triggering of stops entry below 1.1150 then 1.1100 finally pushed the pair down through 1.1098 and make a new 11y lows at 1.1029 with no significant news driver. Into ECB, we still like the pair lower : 1.10 the key psychological level below to watch while on the topside, 1.1100 then 1.1150 should cap any rally.
{GB} GBPUSD Lower => The USD rally from yesterday translated also into Cable and we maintain our bearish GBP preference with 1.5180 support below, topside 1.5300 the sticking point. BoE today with no change or statement expected.
{CA} USDCAD Neutral Stance => A more hawkish tone from BoC yesterday washed out USDCAD long positions and we think the market will lose focus on the pair for the time being. On the short term, we have a neutral stance but for Q2, we still like the pair higher. Levels : support at 1.2407 (yest’s lows) and first resistance at 1.2480.
{JN} USDJPY Neutral => The price action is still not very supportive as the pair is lagging any USD rally we can see in the G10 space (vs EUR for ex.). We remain cautious with levels to watch: the resistances to break remains firstly 120.27 (weeks highs) then 120.48, while on the downside, it’s key to hold above 119.40 (week’s lows at 119.38). 

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