POSITIONING => Last week we reduced our long USD positions vs EUR, AUD, NZD and especially JPY; and we are flat on Sterling.
Short EURUSD => Our strategy here is to keep fading rallies: we like to sell any bounce back into the 1.2560-70 area, where we see the first resistance level, and support comes in at 1.25 and 1.2450 on the downside. S/L at 1.2680.
Long USDJPY => Our positioning here is marginally long, with key levels to watch: 109.20 the support for the session and 110 and then 110.5 the resistance pivots on the upside.
Short NZDUSD => Levels to watch: support comes in at the 2013 lows of 0.7680, then on the topside we see resistance at the 0.7820 and then 0.7920-30 levels.
Short AUDUSD => Levels to watch: after having broken the YTD lows of 0.8660 last week, the new support level is 0.8640, with resistance at 0.8730 and then 0.8820-30.
Flat EURGBP => We are flat here with levels to watch: cycle lows of 0.77665 the support and 0.78605 last week’s high the resistance level above.