Monday, January 5, 2015
New Signal EUR/AUD
*Signal Update: The Global Currency Scalper is cancelling the open order on EUR/AUD as it has traded below the 1.47000 level without initiating a position. We will give this pair further evaluation.
As of 01/05/2015 @ 8:12 EST:
We have identified EUR/AUD as a possible long candidate. This pair is in the process of trying to hold the 38.2% Fibonacci retracement level after a strong rally from the beginning of September 2014. We will be giving the EUR/AUD room from this 38.2% level down to the figure of 1.47000 to remain bullish, if the figure is taken out our view will change to neutral.
The Global Currency Scalper will be going long if the EUR/AUD can take out 1.48800 with a price target of 1.49600, possibly as high as 1.50600 which saw a nice consolidation period in the month of December 2014. Our stops will be placed if the figure of 1.47000 is take out and as mentioned above our view will then turn neutral and further evaluation will need to be taken on this pair.