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Based on the technicals this is a clear short, however there is data out of Canada and Australia tomorrow that will likely be a catalyst for either direction. We are short this pair with limited size, and plan to add more size if it moves in the favored direction as the data unfolds. Key technicals behind the trades are W200 and M50 EMAs which are at roughly .9800 and saw a decently clear breach during the NY session. In short, we expect there to be a lot of sell stops below .9800 running into the data. Don't be surprised if there are pullbacks, but also don't be surprised if there are none, either. We will watch carefully around .9830 before considering this theme wrong.
Based on the technicals this is a clear short, however there is data out of Canada and Australia tomorrow that will likely be a catalyst for either direction. We are short this pair with limited size, and plan to add more size if it moves in the favored direction as the data unfolds. Key technicals behind the trades are W200 and M50 EMAs which are at roughly .9800 and saw a decently clear breach during the NY session. In short, we expect there to be a lot of sell stops below .9800 running into the data. Don't be surprised if there are pullbacks, but also don't be surprised if there are none, either. We will watch carefully around .9830 before considering this theme wrong.