Monday, March 30, 2015
*Position Update: As of 04/01/2015 10:37 EST the Global Currency Scalper covered its EUR/JPY short position with a gain of 27.9 Pips.
As of 03/30/2015 @ 8:31 EST:
We have identified EUR/JPY as a possible short trade. This pair has been in a downtrend since early December 2014 with very weak bounces. The recent bounce failed to breach the 23.6% Fibonacci level and has fallen into a consolidation phase. We believe this phase will eventually be broken to the downside.
The Global Currency Scalper will be taking a short position in EUR/JPY with a break of 128.800. Target will be 128.250, then the figure of 128.000 and ultimately the figure of 127.000. We will place our stop with a break of 131.000, any break of this figure before initiating our position will result in cancelling the order and making further analysis.
Thursday, March 26, 2015
*Position Update: As of 03/27/2015 @ 7:18 EST The Global Currency Scalper covered it's position in EUR/GBP @ 0.72786 booking 47.1 Pips profit.
As of 03/26/2015 @ 19:55 EST:
We have identified a possible short position in EUR/GBP. This pair has been in a downtrend since late 2014 and has recently bounced just short of the 38.2% Fibonacci level. We feel the EUR/GBP is preparing to sell-off once again especially after putting in an evening star candlestick.
The Global Currency Scalper will be shorting EUR/GBP at 0.73220 with targets of 0.72570 which is the 23.6% Fibonacci level followed by the figure of 0.72000 and then 0.71700. We will be placing our stop with a break of 0.74580, if this level is taken out prior to initiating our position we will cancel the order and perform further analysis.
Sunday, March 22, 2015
*Position Update: As of 03/25/2015 @ 18:56 we covered our short position in AUD/USD with a profit of just 3.2 Pips. This position was just taking too long to play out while being against us the entire time. We will take the small profit and move on to the next trade.
As of 03/22/2015 @ 20:27 EST:
We have identified AUD/USD as a possible short trade. This pair has experienced a big sell-off since October of 2014 but you will notice it hasn't done too much over the past two months, mostly sideways action. Although it did make a new low earlier this month, it quickly rebounded. The 23.6% Fibonacci level has proven to be very strong resistance and we expect it to continue. With that said we will be waiting to enter our short trade.
The Global Currency Scalper will be looking to short the AUD/USD pair at 0.78400, targets will be 0.77350, then the figure of 0.77000 followed by 0.76500 and possibly 0.76000. We will set our stop with a break of 0.80400. If this short does not get filled within the next 24 hours we will do another analysis, if anything changes we will publish an update on this blog post.
Thursday, March 12, 2015
As of 03/12/2015 @ 22:15 EST:
We have identified a possible short trade in AUD/USD. This pair has been in a solid downtrend since October 2014 without any strong bounces. Although it has recently rolled over during the past few days, today saw a minor sell-off in the U.S. Dollar, giving the AUD/USD its strongest bounce in over a month. But as you can see from the chart, significant resistance lies above,
The Global Currency Scalper will be shorting AUD/USD at 0.78500 which is 23 Pips below the 23.6% Fibonacci level. This area on the chart also coincides with the top range of its consolidation period as well as the downtrend line as indicated in the red line. Forecasts will be 0.77500, the figure of 0.77000 and then 0.76500. If 0.76500 is taken out we could see a new low for the year. We will place a stop with a break of the 0.80750 level which is also slightly above the 38.2% Fibonacci level.
Monday, March 9, 2015
*Position Update: As of 03/10/2015 @ 22:41 The Global Currency Scalper covered its position in NZD/USD with a gain of 20.0 Pips.
As of 03/09/2015 @ 19:47:
We have identified NZD/USD as a possible short trade. This pair has been under pressure since September of 2014 with a recent bounce to the 38.2% Fibonacci retracement level. It made a run to the 50% level which ultimately failed. The past few days have seen the sellers take control once again. We would like to go short this pair with a breach of it's short-term support which lies at the figure.
The Global Currency Scalper will be shorting NZD/USD with a break of 0.72750. Our forecast is 0.72150, with the next figure of 0.72000 in its sights. If that level can be taken out we could see 0.71700. Our stop will be placed with a break of 0.75350, if this pair trades to that level prior to initiating a position our trade will be cancelled and further evaluation will be needed.
Sunday, March 1, 2015
As of 03/01/2015 @ 20:25 EST:
We have identified GBP/JPY as a possible long trade. This pair saw a big rally which lasted from October 2015 to the beginning of December 2014. Since early December the GBP/JPY pulled backed and held the 61.8% Fibonacci level, giving it 3 tests to breakdown below only to fail and ultimately resume it's rally. Currently consolidating around the 23.6% level we see buyers stepping into this pair with a breakout of this consolidation phase.
The Global Currency Scalper will be going long GBP/JPY with a break of 185.260, targets higher are 186.160, then 186.500 and ultimately 187.300. If the latter can be taken out this pair has room to run up to 189.600 without seeing any resistance. Our stop will be with a break of 183.300, if this pair trades down to this level prior to initiating a position our view will turn neutral and further evaluation will be needed.