Here we are tracking a round of macro prints from Sweden, with markets already heavily betting against the Riksbank's forward guidance I expect continuation of the same flows.
On the technical side, a break of the recent channel we have been tracking will be enough to trigger the capital outflows as SEK bulls begin to cover and fast money accounts re-price the topside.
Targets come into play at 10.780x while reassessment is necessary below 10.760x. For the trigger, we will use a break out to the topside in the channel.
Good luck all those trading the Swedish news flow today.
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No break... yet...
Trade active
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and we got the break...stops comfortably at 10.64x
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Trade closed: target reached
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A flawless call from the breakout...well done those who caught the momentum move.