FX Trend Snagger Update: 2012-10-23

A brief of today's updates:

-> GBPUSD will go short on close below 1.5975
-> AUDUSD sell-off moves the pair away from potential long signal
-> AUDNZD - no long signal due to pattern - awaiting further developments

The AUDNZD pair actually saw a new long signal, but this signal was not taken as past history has shown that taking signals that come at the end of a very long recent move  that is effectively a sharp consolidation of a previous large trend (AUDNZD has rallied after a massive previous sell-off) results in a very low success rate. A long position can be established if the pair remains supported for another three days and then continues higher. To the downside, if AUDNZD sells off below 1.2590 as soon as today, it would signal a fresh short signal that could be taken.