EUR: I continue to expect the dollar to gravitate higher throughout the summer and think short EUR/USD is a decent expression of this view. Levels: 1.0870/1.0900 resistance, 1.0800/1.0750 support.
JPY: A congregation of offers on the interbank platform continues to inhibit topside progress and as expected the 124.20/70 band of resistance is proving tricky to overcome. Support on the session comes in back towards 124.15/20 and then 123.90 on the run towards 123.65/75. Resistance now 124.50/70.
GBP: Cable is starting to look vulnerable given last week’s build up in positioning so we have taken a step back from GBP length on the crosses. EURGBP however a reasonable fade if we were to get back above 0.6988/0.7000. Levels: 1.5539 support with 1.5673 level topside. EURGBP 0.6935 – 0.6990/0.7000.
AUD/NZD: Our bias is to see NZD lower into the meeting and we continue to like AUD lower. Levels: AUD: 0.7328 support with figure below; resistance is 0.7440 with 0.7500 above. For NZD, 0.6498 support with 0.6620 resistance.
CAD: We continue to like USDCAD higher, thinking buying on a dip towards yesterday’s lows of 1.2953 leaning against 1.2880 makes a good deal of sense. Resistance at yesterday’s high of 1.3025. The high from ’09 at 1.3065 the next level beyond there.
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