Sunday, January 11, 2015
New Signal NZD/USD
*Signal Update: The Global Currency Scalper is cancelling its open order on NZD/USD as recent action has traded below our stop price without filling our buy order. Further evaluation on this pair will be needed at this time.
As of 01/11/2015 @ 19:20 EST:
We have identified NZD/USD as a potential long trade. This pair could be in the process of putting in a 5 week double bottom which should result in a powerful up move. The NZD/USD is currently hovering around the 23.6% Fibonacci level which is the first hurdle to overcome. The Global Currency Scalper is looking for confirmation of the 5 week bottom before entering a long position.
We will be going long on a break of 0.78830 which the Global Currency Scalper will take as a confirmation signal of the bottom mentioned above. Targets will be 0.79200, 0.79580 which is the 38.2% Fibonacci level, and 0.79750 which is the high set in November of 2014. Stop will be set at a break of 0.77800, if this level is taken out prior to initiating a position our view will turn neutral and further evaluation will be needed.