New Signal GBP/JPY

*Position Update:  As of 01/30/2015 4:28 a.m. The Global Currency Scalper covered its short position in GBP/JPY with a gain of 29.2 Pips which was 15 Pips ahead of the support at the figure of 177.000.

As of 01/28/2015 @ 18.36 EST:

We have identified GBP/JPY as a possible short trade.  This pair has been consolidating between the 50% and 61.8% Fibonacci levels after a strong bull run from last October.We expect the GBP/JPY to continue this consolidation but with a downside bias.  We are looking to take this pair short which we believe may present a great opportunity as the sellers are beginning to get heavy.

The Global Currency Scalper will take the GBP/JPY short with a break of 177.450. Forecasts will be the figure of 177.000 then the 61.8% Fibonacci level of 176.300.  Lower could see the figure of 176.000 and recent lows of 175.700, if this level is taken out look out below, you could be in for a great ride lower.  We will place a stop with a break of 179.560, if this level is breached prior to initiating our position we will turn neutral on this pair and further evaluation will be needed.

New Signal AUD/CAD

*Position Update:  As of 01/30/2015 @ 8:31 EST the Global Currency Scalper was stopped out of its AUD/CAD position with a 127.5 Pip loss.  Our first loss of the month, unfortunately this trade just never worked out from the start.

As of 01/27/2015 @ 11:03 EST:

We have identified AUD/CAD as a possible short trade.  After a strong run-up from the end of December on the 4 hour chart this pair is possibly forming a head and shoulders pattern.  The left shoulder was clearly formed a couple of weeks ago, the head formed just last week.  The right shoulder may have been formed earlier this morning and if it proves to be so we will be looking to take this pair short with a break of the neckline.

The Global Currency Scalper will be looking to short AUD/CAD with a break of 0.97527 which is giving the neckline approximately 20 Pips to confirm a break.  Keep in mind, with a head and shoulders pattern which has a tall head (as this pattern shows) a neckline break is less reliable, so keep your stops honest.  Our forecast is to see 0.97380 which is the 50% Fibonacci retracement (we believe this level will be taken out by at least 20 Pips), then the figure of 0.97000 and 0.96780 which is the bottoms in place earlier this month and then ultimately 0.96580 which is the 61.8% Fibonacci level.  We will set a stop with a break of 0.98800, if this level is breached before initiating our position then our view will change to neutral and further evaluation will be needed.

New Signal USD/SGD

*Signal Update:  As of 01/27/2015 @ 19:50 EST The Global Currency Scalper has cancelled its open order of USD/SGD as prices have broken through our potential stop price of 1.35100.

As of 01/26/2015 @ 22:21 EST:

We have identified a possible short trade in USD/SGD.  Although we are not fans of going against the trend we see signs of buyers tiring which may give us an opportunity from the short side.  Keep in mind if you take this trade be sure to stick to your stop as buyers could step back in at any time and make another run higher.  Looking at the chart you can clearly see this pair has been in an uptrend since August of 2014 without much of a pullback.  The latest channel has been formed from the lows in December 2014 to its recent highs.  We have identified a Dark Cloud Cover bearish signal last session which may attract some sellers.  Also if you take a look at the monthly chart below you can see the recent run has come right to the bottoms set all the way back in 2008 which could very well act as resistance as old support usually becomes new resistance.

The Global Currency Scalper will be taking a short position if the USD/SGD breaks 1.32840 with price targets of the figure of 1.32000 and 1.31360 then the figure of 1.31000 and 1.30740 and possibly as low as the figure of 1.30000.  This could be a possible shift in sentiment and if our price level is taken out initiating a short position we could be seeing the shift starting.  We will set our stop with a break of 1.35100, if this level is breached prior to initiating our position our view will turn neutral and further evaluation will be needed.

New Signal USD/JPY

*Signal Update:  As of 01/30/2015 @ 8:43 EST the Global Currency Scalper has cancelled its open order on USD/JPY, we will be holding cash through the weekend.

As of 01/26/2015 @ 19:40 EST:

We have identified a possible long trade in USD/JPY.  This pair has had a great bull run since August 2014 but has since retraced twice to the 23.6% Fibonacci level.  Over the past 8 trading sessions the USD/JPY has been consolidating along this Fibonacci level.  Given the run-up since August 2014 we believe the buyers will step back in to this pair as soon as the consolidation phase is over.

The Global Currency Scalper will be taking a long position in the USD/JPY on a break of 119.110 with targets of 119.850, the figure of 120.000 followed by 120.420 which is the consolidation range the last week of December 2014.  We will set a stop with a break of 116.890, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal GBP/JPY

As of 01/26/2015 @ 18:19 EST:  The Global Currency Scalper has cancelled its open order on GBP/JPY as it has traded through our intended stop price.

As of 01/25/2015 @ 18.29 EST:

We have identified a possible short trade in GBP/JPY.  With the Greek elections out of the way and markets opening Sunday evening this pair is getting poised to head lower if some strong support can be taken out.  Since mid-October 2014 the GBP/JPY had made a strong run to the upside, setting a high by the start of December 2014.  Since then this pair has been showing strong weakness as it's been trending down while trying to hold each Fibonacci level.  As you can see in the chart each of these levels has eventually broke. The GBP/JPY has been holding above the 61.8% Fibonacci level since it first came down to it 10 days ago, we feel the price will eventually break and want to be on the short side for the ride.

Watching this pairs action, it is desperately trying to break to the downside, before taking a position we would like to see this pair take out the two lows set January 15th and 16th.  The Global Currency Scalper will be taking a position on a break of 175.560 with targets of the figure at 175.000 then 174.650 and eventually the figure of 174.000.  A stop will be place with a break of 178.420, if price action trades through this level prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal GBP/JPY

*Position Update:  As of 01/23/2015 @ 7:08 EST:  The Global Currency Scalper has closed its GBP/JPY position picking up 43.6 Pips.  Two factors for closing, one this pair is approaching the 61.8% Fibonacci level and second this weekend is the Greek elections, we prefer to be in cash during this event.

As of 01/22/2015 @ 11:28 EST:

We have identified GBP/JPY as a possible short trade.  This pair has come down from the high it set back in December 2014 to test the 61.8% Fibonacci level.  A bounce followed but the GBP/JPY is coming back down for another test.  Sellers have stepped into this pair since the ECB officially announced its QE program and we expect them to continue to hit bids especially if a certain level is taken out.

The Global Currency Scalper will be taking a short position on a break of 176.790 with forecast targets of 176.300 which is the 61.8% Fibonacci level mentioned above, then the figure of 176.000 followed by 175.790 which is the low set earlier this month and then possibly as low as the figure of 175.000.  We will place a stop on a break of 179.250, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal USD/JPY

*Signal Update:  As of 01/23/2015 @ 7:18 EST:  We have cancelled our open order on USD/JPY as this weekend is the Greek elections, we prefer to be in cash during this event.

As of 01/21/2015 @ 20:19 EST:

We have identified a possible long trade in USD/JPY.  Since making a strong run from the lows back in August of 2014 this pair has retraced to the 23.6% Fibonacci level twice, both times holding this key level (for the most part).  The short-term down move highlighted by the red line along the tops has been broken indicating buyers have stepped back in to USD/JPY.  As nothing usually goes straight up we will be monitoring this pair for a breakout move to the upside in the coming days.

With this Thursday's coming announcement from the ECB, all eyes will be on the Euro but this doesn't mean the USD can't rally against the Yen.  This could be a safer way to play the possible volatility the upcoming announcement may create.  The Global Currency Scalper will be taking a long position on a break of 119.150 with forecast of 119.800, the figure of 120.000 and 120.600.  A stop will be placed with a break of 116.800, if this pair trades through this price prior to taking a position our view will turn neutral and further evaluation will be needed.