*Position Update: As of 02/11/2015 @ 6:48 EST The Global Currency Scalper covered its short in AUD/USD for a profit of 43.8 Pips ahead of the first target which was the figure of 0.77000.
As of 02/10/2015 @ 22:21 EST:
We have identified a possible short trade in AUD/USD. Although not a fan of trading at lows or highs we believe the risk to reward is justifiable with this pair. After a long selloff from last August this pair has been consolidating down near it's lows for the past two week. With very little to almost no signs of buyers stepping in over this two week period it lends to the sellers having the upper-hand. We will be taking short position if a certain price level is breached but we will keep a relatively tight stop.
The Global Currency Scalper will take a short position in AUD/USD with a break of 0.77640 and targets will be the figure of 0.77000 then 0.76700 followed by 0.76150. We will place our stop with a break of 0.78800, if this pair trades through this level prior to initiating a position our view will turn neutral and further analysis will be needed.
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