New Signal GBP/AUD

As of 04/25/2015 @ 19:35

The Global Currency Scalper will be watching the GBP/AUD for a major move.  Right now it is pulling back from the 19455 area for the 3rd time in two days.  This pair also pulled back sharply from just 10 pips higher at 19465 on the 15th of the month. So we’ll keep an eye on this area. Even if it does break out, it will need to push through and close above the 1.95600 level where downward sloping trend resistance lies running back to the February high.

There are a series of higher lows in place since the 8th of last September which conveniently connect to one another forming upward sloping support. The two opposing trend-lines are quickly converging, meaning an explosive opportunity is quite possibly on the horizon. I've got the apex extending out to as late as the end of the second week of May, so we might need to be patient.

The rising trend-line from September is helping to keep GBPAUD guided higher, making a breakout to the upside preferred, and seemingly probable as long as GBP maintains. However, should it break down, we’ll be ready for that too. The potential move for this high flyer is 400+ pips based on size of the wedge, exciting stuff.

The Global Currency Scalper is favoring a long trade with a daily close above the 1.95600 level.  Our stop will be with a break of 1.93000 and a forecast of the major figure of 2.00000.