*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.