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  • The oil price breakout has extended into the first level of lateral resistance- risk for some ‘back and fill’ here but the outlook remains constructive. Get your market update from @MBForex here:https://t.co/jdNzvkYCNZ https://t.co/OlqgYQLcxK
  • Tesla opened lower as afterhours trade yesterday suggested we would, but after the gap down, we've had a strong rally this morning. I wonder if the Robinhood-type crowd trades before/after hours or if that is the traditional segment https://t.co/tFVllKbBKb
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.40% Oil - US Crude: -1.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ek6GdiGhQ3
  • The Turkish Central Bank cut its weekly repo rate to 16%, marking a 200bps cut vs expectations for a 50-100bps reduction. Get your market update from @JMcQueenFX here: https://t.co/Gz3yZYqZdn https://t.co/C1PgJsCoGp
  • 🇺🇸 CB Leading Index MoM (SEP) Actual: 0.2% Expected: 0.4% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-10-21
  • 🇺🇸 CB Leading Index MoM (SEP) Actual: 0.2% Expected: 0.4% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-10-21
  • 🇺🇸 Existing Home Sales MoM (SEP) Actual: 7% Previous: -2% https://www.dailyfx.com/economic-calendar#2021-10-21
  • 💶 Consumer Confidence Flash (OCT) Actual: -4.8 Expected: -5 Previous: -4 https://www.dailyfx.com/economic-calendar#2021-10-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.33%, while traders in AUD/JPY are at opposite extremes with 78.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SxDGVT2X2m
  • The Yen pullback has begun $EURJPY was the pair I was focusing on for this and it's off > 100 pips from yday's high $GBPJPY back to trendline support, $AUDJPY back to the 85 handle for a support test https://t.co/nqZi0Q7tRw https://t.co/DP8BXe9lb2
Stay Short EUR/SEK and GBP/USD

Stay Short EUR/SEK and GBP/USD

Ilya Spivak, Head Strategist, APAC

I sold EURSEK at 8.7315 expecting Risksbank to keep rates on hold while the ECB leans toward easing in 2013 as recession lingers. I added to the position at 8.6409 as a corrective rebound launched in early January faltered. Another rebound from support at 8.4234 appears to be taking shape, which I will treat as an opportunity to further grow the position. A stop-loss will be triggered on a close above 8.6557.

I also continue to hold short GBPUSD at 1.5662. Prices have turned lower anew after a brief recovery and I will continue to hold short, targeting 1.5440. A stop-loss will be activated on a daily close above 1.5878.

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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