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.
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