Tuesday, December 30, 2014

New Signal EUR/AUD

*Trade Update as of 01/01/2015 @ 19:09 EST:  The Global Currency Scalper liquidated our position in EUR/AUD at 1.47700 with a gain of 51.9 Pips.

As of 12/30/2014 @ 19:56 EST:

We have identified EUR/AUD as a short candidate as this pair is starting to roll over on the daily chart.  A look at the weekly will show a head and shoulders pattern developing with some downside bias,  If you look further out to the monthly chart you will see the longer-term trend is to the downside.

The Global Currency Scalper likes to see that the EUR/AUD has broken its short-term up channel trend on the daily chart, followed by a period of consolidation which cracked to the downside earlier today.  We will be taking a short trade if this pair takes out the 1.48220 level.  The Global Currency Scalper is forecasting a move to the 1.47400 level which could eventually see a move down to the figure of 1.47000.  A stop will be placed at 1.49600.  If EUR/AUD were to take out this level prior to initiating a position then our view will turn neutral and further assessment of this pair will be needed.

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