GIGFX Daily Economic Analysis - page 7
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Wednesday 29-12-2010 Technical Analysis Report
EURUSD
Yesterday, the pair rose till reached the level 1.3276 which represents 50% Fibonacci correction level for the bearish direction (from 1.3497 to 1.3055). Although the pair reached this level, the pair did not achieve a good close above the area between the levels 1.3254 and 1.3224 in which some reflective candles for the last bullish wave that was mentioned through yesterday report have appeared. These negative candles reflected on the pair trades with a sharp declining, confirming the tendency of the pair to continue on the medium and long-terms bearish directions. During the last intraday trades it is noticed that a bottom has been formed at the support level 1.3080 which coincided with the top boarder of the bearish wedge that was been broken up.
It is expected that, the pair will use this formed bottom to rise, trying to form a bearish top that will force the pair to decline again in order to try breaking the support level 1.3080 which with its breaking and with breaking the support level 1.3055 means more declining till reach the level 1.2970, it is also expected that, the bearish bottom may be located between the levels 1.3160 and 1.3180.
These bearish expectations require the stability of the resistance level 1.3180.
Res. 1.3228 1.3341 1.3405
Pivot 1.3161
Sup. 1.3049 1.2981 1.2868
GBPUSD
Yesterday, the pair tried to correct its bearish direction that dominates the medium-term price action by rising up for the intraday levels till hit the resistance level 1.5480 which held against the pair testing and reflected down testing the support level 1.5355 expecting more declining during the upcoming trades due to the appearance of a harmonic pattern AB=CD in the forming stage, and now the price action is in the forming stage of the last wave CD, and it is supposed to have an expected target by reaching the support level 1.5220 in order to test it.
But the condition of completing this scenario is breaking the support level 1.5355 which represents the point B of the formed pattern with a good close below.
These expectations for the intraday trades require the stability of the resistance level 1.5480.
RES. 1.5469 1.5572 1.5635
Pivot 1.5409
Sup. 1.5303 1.5240 1.5137
USDCHF
As it was expected yesterday indeed, the pair declined completing the harmonic pattern AB=CD that has been formed on the short-term price action whereas, yesterday the pair reached the support level 0.9445 which was mentioned through yesterday report in order to test it, reflecting up after completing the pattern, expecting more declining targeting the re-test of the support level 0.9445 again. But now, the pair is trying to rise correcting the short and medium-term bearish direction, and trying to re-test the resistance level 0.9600 which coincides with testing the top boarder of this bearish channel in which the pair is moving.
These expectations require the stability of the resistance level 0.9600.
RES. 0.9606 0.9692 0.9774
Pivot 0.9522
Sup. 0.9438 0.9354 0.9270
USDCAD
The bearish direction is still dominating the pair for the short period and this direction is formed through the movement inside the bearish channel, the bearish move was expected in yesterday report till the level 1.0004 but the support level 1.0050 must be broken and this is what was achieved during yesterday trades but the pair continued falling breaking the support level 1.0004 till it reached the next support level at 0.9975
it's expected for the next trades a further drop which will be confirmed with breaking the support level 0.9975, the pair will target the level 0.9949 which represents 127% Fibonacci retracement continuous level for the bullish direction ( from 1.0004 till 1.0208 ).
This expectation depends on the stability of the resistance level 1.0050.
Res. 1.0064 1.0117 1.0162
Pivot 1.0019
Sup. 0.9966 0.9921 0.9868
AUDUSD
As expected in yesterday report, the pair was able to break the resistance level 1.0100 to continue rising till the level 1.0146 which represents 161.8% Fibonacci retracement continuous level for the ( BC ) rib for the harmonic pattern AB=CD and as what was mentioned, this price was coincided at this level with the lower boarder for the bullish channel which the pair is still moving inside it for the medium and short- term, forming a top at this area which pushed down the pair to retest the level 1.0100 where it's noticed of forming a bottom at this level during the last intraday trades which the pair will use to rise again trying to break the level 1.0146 which with breaking it the pair will continue rising till the level 1.0182 which represents the historical registered price for the pair.
This expectation depends on the stability of the support level 1.0078.
Res. 1.0153 1.0207 1.0264
Pivot 1.0096
Sup. 1.0042 0.9988 0.9931
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Friday 31-12-2010 Technical Analysis Report
EURUSD
Yesterday trades saw the rising of the European currency against the American dollar for second straight day, the continuation of this rising has been mentioned through yesterday report, whereas, the pair succeeded to break the neck line of the cup and handle pattern and also broke the resistance level 1.3276 which represents 50% Fibonacci correction level for the bearish direction (from 1.3497 to 1.3055). During the current trades, the pair is trading below the resistance 1.3328 level which represents 61.8% Fibonacci correction level for the same bearish direction. It is expected that, the pair will continue rising with breaking this level, targeting the next resistance level 1.3393 which represents 76.4% Fibonacci correction level for the same bearish direction. The target of this bullish scenario is to reach the target of the pattern at the level 1.3497.
The stability of these expectations requires the stability of the resistance level 1.3160.
Res. 1.3331 1.3371 1.3428
Pivot 1.3274
Sup. 1.3234 1.3177 1.3137
GBPUSD
During the last two weeks, the pair was moving in a sideways move between the resistance level 1.5480 and the support level 1.5270, the pair tried to break the resistance level 1.5480 which represents the top boarder of this sideway move in yesterday trades and was able to close above, but returned again to trade below it and tested the support level 1.5370.
So that, the pair has to break one of these levels in order to determine its next direction of the short-term and intraday levels, if the pair succeeded to break the resistance level 1.5480 it will be pushed to retest the resistance level 1.5580, and if the pair succeeded to break the support level 1.5370, the pair will be pushed immediately to test the support level 1.5315 then the level 1.5250.
RES. 1.5519 1.5622 1.5677
Pivot 1.5442
Sup. 1.5350 1.5273 1.5181
USDCHF
As it was expected through yesterday report, the pair succeeded to break the level 0.9440 trying to reach the support level 0.9325 to test it which represents the end of the harmonic pattern AB=CD which was mentioned yesterday with the expectation of more declining during the upcoming trades but under the condition of breaking the support level 0.9325 then it will target the support level 0.9230.
The stability of these expectations requires the stability of the resistance level 0.9440.
RES. 0.9426 0.9499 0.9537
Pivot 0.9388
Sup. 0.9315 0.9277 0.9204
USDCAD
The pair trades are still inside the bearish channel which is formed for the short-term, it's noticed that the pair has formed a confusion area inside the bearish channel between the resistance level 1.0010 and the support level 0.9975, therefore the next trades direction will be determined if one of these boards is broken, whereas the prevailing direction is bearish so it's expected the next support level 0.9975 to be broken then continuing the bearish move till the level 0.9949 which represents 127% Fibonacci retracement continuous level for the bullish direction ( from 1.0004 to 1.0208 ) then to the next support level at 0.9878, in case of breaking the resistance level 1.0010 the pair will trade out of the bearish channel which is the first positive sign to change the bearish direction way and the pair will target in this case the resistance level 1.0050 which with breaking it up the positive sign will be confirmed declaring the beginning of forming the bullish direction for the next trades.
Res. 1.0021 1.0044 1.0065
Pivot 1.0000
Sup. 0.9977 0.9956 0.9933
AUDUSD
AUDUSD Pair registered a new record at the 1.0197 level then it fell again to retest the nearest support levels whereas a new good support level is appeared at the level 1.0115 where a bottom was formed at it to rise again trying to break the resistance level 1.0197, through this bullish movement for the medium and short- term, it's noticed that the harmonic pattern AB=CD was formed whereas the formed bottom at the level 1.0115 which represents the ( C ) point and also represents 38.2% Fibonacci retracement correction level for the ( AB ) rib, therefore the ( CD ) rib will be completed at 261.8% Fibonacci retracement continuous level for the ( BC ) rib at the level 1.0329 which represents the complement ( D ) point for the harmonic pattern and is expected to coincide at it the price with the lower boarder for the bullish channel .
This expectation depends on the stability of the support level 1.0115.
Res. 1.0206 1.0241 1.0286
Pivot 1.0161
Sup. 1.0126 1.0081 1.0046
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Monday 03-01-2011 Technical Analysis
EURUSD
The pair succeeded to confirm rising at the end of the last year trades whereas, the pair recorded the highest high during last Friday trades at the level 1.3424 which is the highest price since three weeks. This supports the expectations of more rising for the European currency and also the appearance of a Gartley harmonic pattern in the medium-term forming stage, now the pair is moving in the range of the last wave CD of the pattern which is expected to target the area between the resistance level 1.3585 and the level 1.3620.
The stability of these expectations requires the stability of the support level 1.3235.
Res. 1.3340 1.3503 1.3578
Pivot 1.3363
Sup. 1.3304 1.3225 1.3164
GBPUSD
At the end of last week trades, the pair succeeded to confirm the short-term bullish direction after breaking the resistance level 1.5480 which was representing the top boarder of a sideway channel in which the pair was moving, till the pair succeeded to break it up after forming a the triple bottom pattern that reflects the direction, the price also succeeded to reach the target of this pattern at the resistance level 1.5590 which still holding till now. the pair reflected immediately after its testing with expectation of more rising up during the upcoming trades but under the condition of breaking the resistance level 1.5590 and it will target then the resistance level 1.5700 in order to test it.
The stability of these expectations requires the stability of the support level 1.5480.
RES. 1.5706 1.5801 1.5942
Pivot 1.5560
Sup. 1.5470 1.5329 1.5234
USDCHF
As it was expected for the pair at the end of the last week trades, indeed, it succeeded to reach the support level 0.9325 which was the target of the formed harmonic pattern AB=CD, this level is still holding till now forming a confusion area between the support level 0.9325 and the resistance level 0.9390 so that, it is recommended to observe the price action because breaking this level means the strength of the bearish positions but in the case of breaking the resistance level means the strength of the bullish positions for the short period and the trades of intraday levels for today.
So, if the pair succeeded to break the support level 0.9325 with a good close, it will target immediately the support level 0.9225, but in the case of breaking the resistance level 0.9390, it will target the resistance level 0.9480.
RES. 0.9389 0.9438 0.9479
Pivot 0.9348
Sup. 0.9299 0.9258 0.9209
USDCAD
As noticed in the chart the continuation of the bearish move for the American dollar against the Canadian dollar to break the level 0.9980 which was the holding level for the pair falling during the previous trades for the short-term. the harmonic pattern ( AB=CD ) is noticed, whereas with the stability of the level 0.9970 which represents the ( B ) point, it is expected for the pair to continue falling targeting the level 0.9845 which represents the expected ( D ) point, which is also the complement point for the pattern. But in case of the pair rising and trading above the level 0.9980 it is expected for the pair to return rising searching for a good resistance area which is expected to be around the level 1.0055.
Res. 1.0015 1.0053 1.0099
Pivot 0.9969
Sup. 0.9931 0.9885 0.9847
AUDUSD
The bullish direction is still the dominated direction to the pair for the medium and the short-terms whereas the pair is moving inside the bullish channel, the upper boarder was tested at the end of last week trades which reflected from it down expecting for it a further rise during the intraday trades targeting the resistance level 1.0300, what supports this scenario is a divergence in the stochastic index below the chart.
This expectation depends on the stability of the support level 1.0140.
Res. 1.0276 1.0316 1.0379
Pivot 1.0213
Sup. 1.0171 1.0109 1.0067
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Tuesday 04-01-2011 Technical Analysis Report
EURUSD
The short-term direction of the pair is still bullish. during yesterday trades, a new bullish bottom has been formed at the level 1.3276 which represents 50% Fibonacci correction level for the bearish direction (from 1.3497 to 1.3055) which has been broken up previously, the pair used this bottom to push rising, trying to break the resistance level 1.3393 but it did not succeed till now. the pair still has a target for the cup and handle pattern by reaching the level 1.3497, during the upcoming trades it is expected that, the pair will reach this target after breaking the resistance level 1.3393.
The stability of these expectations requires the stability of the support level 1.32763.
Res. 1.3420 1.3480 1.3565
Pivot 1.3335
Sup. 1.3275 1.3190 1.3130
GBPUSD
On the contrary of yesterday expectations, the pair failed to collect the needed momentum to break the highest levels that the pair achieved at the end of the last week trades and now the pair is trading below the level 1.5475 which represents 23.6% Fibonacci correction level for the last medium-term bearish wave, this supports the expectation of more declining as long as the pair trades below this level targeting the support level 1.5365.
The stability of these expectations requires the stability of the resistance level 1.5475.
RES. 1.5570 1.5652 1.5721
Pivot 1.5501
Sup. 1.5419 1.5350 1.5268
USDCHF
As it was expected for the pair at the end of the last week trades, indeed, it succeeded to reach the support level 0.9325 which was the target of the formed harmonic pattern AB=CD, this level is still holding till now forming a confusion area between the support level 0.9325 and the resistance level 0.9390 so that, it is recommended to observe the price action because breaking this level means the strength of the bearish positions but in the case of breaking the resistance level means the strength of the bullish positions for the short period and the trades of intraday levels for today.
So, if the pair succeeded to break the support level 0.9325 with a good close, it will target immediately the support level 0.9225, but in the case of breaking the resistance level 0.9390, it will target the resistance level 0.9480.
Yesterday analysis is still remaining till now
RES. 0.9371 0.9408 0.9433
Pivot 0.9346
Sup. 0.9309 0.9284 0.9247
USDCAD
The pair is still trading inside the formed bearish channel for the medium and the short-term, the pair has formed a bearish bottom near the support level 0.9878 which represents 161.8% Fibonacci retracement continuous level for the bullish direction ( from 1.0004 to 1.0208 ), the pair was pushed up from this bottom to retest the nearest resistance levels. through the price action bearish direction, a bullish movement from the RSI index were found remaining by that a positive divergence reflecting the bearish direction, whereas the pair targets to test the resistance level 0.9949 during the intraday trades which the price will coincide at it with the upper boarder for the bearish channel , if the pair is able to break these levels up it means rising till the level 1.0053 which represents the targeted price in order to break out from this bearish channel.
This expectation depends on the stability of the support level 0.9878.
Res. 0.9963 0.9989 1.0026
Pivot 0.9926
Sup. 0.9900 0.9863 0.9837
AUDUSD
During the last intraday trades the pair was able to break the lower boarder for the bullish channel which the pair was moving inside it for the medium and the short-term, the pair also was able to break the support level 1.0155 which represents 23.6% Fibonacci retracement correction level for the bullish direction ( from 0.9830 to 1.0255 ), the pair has achieved the targeted price in order to break out from the bullish channel by reaching the support level 1.0065 if the pair formed a bottom at this area which is between the support level 1.0065 and the level 1.0043 which represents 50% Fibonacci retracement correction level for the same bullish direction, the bullish move is expected to retest the level 1.0155 which became a resistant level after breaking it down, but in case of breaking the support level 1.0043 the pair will continue falling to reach the level 0.9930 which represents 76.4% Fibonacci retracement correction level for the same mentioned bullish direction.
Res. 1.0206 1.0246 1.0274
Pivot 1.0181
Sup. 1.0140 1.0114 1.0073
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Thursday 06-01-2011 Technical Analysis Report
EURUSD
As it was expected through yesterday report, the conditions of completing the reversal pattern; double bottom pattern on the short-term bullish direction have been confirmed whereas; the pair was able to break base of the pattern that is the support area between the levels 1.3276 and 1.3260 to continue declining till it reached the target area of the pattern between the levels 1.3125 and 1.3110 it is noticed that the lowest achieved price during yesterday trades is at the level 1.3125, this means that the pair reached the target area. so that if the pair was unable to maintain trading above this level, forming a bottom will be completed and will force the pair to rise again in order to retest the nearest resistance levels, one of which is the resistance level 1.3180 then, it will form a bearish top that will push the pair declining again trying to break the mentioned target area which with its breaking, the pair will continue declining, targeting to reach the level 1.3055 then the level 1.2970.
Res. 1.3277 1.3399 1.3472
Pivot 1.3199
Sup. 1.3074 1.2999 1.2875
GBPUSD
The pair was again unable to break the resistance level 1.5645 yesterday and reflected wavering between rising and declining. It is noticed a round bottom pattern that which is a reversal pattern has been formed for the short period and the most important level in this pattern is 1.5645 which represents the base line of the pattern and also represents 50% Fibonacci correction level for the last bearish wave for the short period.
So it is not recommended to have any bullish positions until breaking the resistance level 1.5645 with a good close above to confirm the tendency of the pair to continue rising targeting the resistance level 1.5880.
The stability of these expectations requires the stability of the support level 1.5440.
RES. 1.5610 1.5706 1.5786
Pivot 1.5530
Sup. 1.5434 1.5353 1.5258
USDCHF
Yesterday, the pair succeeded to exit this bearish channel in which the pair was moving for the medium period after breaking the resistance level 0.9525 that was mentioned yesterday, so that the bullish direction for the intraday levels has been confirmed after breaking this level, expecting more rising during the upcoming trades targeting to test the resistance level 0.9740 which represents the target of exiting this bearish channel.
The stability of these expectations requires the stability of the support level 0.9525.
RES. 0.9736 0.9818 0.9952
Pivot 0.9604
Sup. 0.9524 0.9390 0.9310
USDCAD
During yesterday trades the pair didn't succeed in achieving a good close above the resistance level 1.0011 which represents 38.2% Fibonacci retracement correction level for the bearish direction ( from 1.0208 to 0.9889 ) this was the signal of returning the pair again to the bearish move, the pair has already fell achieving the lowest price for this trades at the level 0.9930, it's expected with breaking this level that the pair will fall till the support level 0.9889 which with breaking it the pair will continue the bearish direction for the medium-term to reach the level 0.9830.
This expectation depends on the stability of the resistance level 1.0011.
Res. 1.0008 1.0062 1.0100
Pivot 0.9970
Sup. 0.9916 0.9878 0.9824
AUDUSD
As noticed in the chart, the pair on it's way to form a bullish bottom for the long-term getting use of the bullish trend line for the long-term and also the support level 0.9930 which represents 76.4% Fibonacci retracement correction level ( from 0.9830 to 1.0255 ). the stability of the trades above the trend line and above the support level means that truth of the bullish bottom appearance then rising till the resistance level 1.0065 which with breaking it up means that the pair will be able to rise again till the level 1.0115.
This expectation depends on the stability of the support level 0.9930.
Res. 1.0056 1.0125 1.0175
Pivot 1.0006
Sup. 0.9943 0.9898 0.9828
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Friday 07-01-2011 Technical Analysis Report
EURUSD
As expected through yesterday report, the pair was able to break the support area between the levels 1.3125 and 1.3110 to continue declining till reached the previously mentioned support levels at 1.3055 then reached the level 1.2970 that the pair is trading around now. It is expected that the pair will continue its downtrend which is dominating the pair during the last trades but under the condition of breaking the support level 1.2970 which with its breaking down means more declining till reaching the level 1.2830 which represents 127% Fibonacci continuous level for bullish move (from 1.2968 to 1.3497).
Res. 1.3113 1.3233 1.3290
Pivot 1.3056
Sup. 1.2942 1.2882 1.2768
GBPUSD
For the third straight week, the pair is moving around the level 1.5475 which was a support level for the pair yesterday and was unable to hold and the pair broke it at the end of the American period trades and remained trading under it during the Asian period trades for this day and more declining is expected targeting to retest the support level 1.5410.
So it is not recommended to have any bearish positions until breaking the support level 1.5410 to target then the support level 1.5350 as the first target for this downtrend.
The stability of these expectations requires the stability of the resistance level 1.5475.
RES. 1.5545 1.5609 1.5655
Pivot 1.5494
Sup. 1.5423 1.5378 1.5310
USDCHF
Yesterday, the pair succeeded to exit this bearish channel in which the pair was moving for the medium period after breaking the resistance level 0.9525 that was mentioned yesterday, so the bullish direction for the intraday levels has been confirmed after breaking this level, expecting more rising during the upcoming trades targeting to test the resistance level 0.9740 which represents the target of exiting this bearish channel.
The stability of these expectations requires the stability of the support level 0.9525.
RES. 0.9704 0.9754 0.9801
Pivot 0.9657
Sup. 0.9607 0.9560 0.9510
USDCAD
The pair didn't succeed in breaking the support level 0.9930 to form a new bottom and used it to rise to retest the nearest resistance levels, this formed bottom gives a probability of a negative harmonic pattern (AB=CD) existence whereas the BC rib is 76.4% Fibonacci retracement correction level for the AB rib. Therefore it's expected that the harmonic pattern will be completed and the CD rib at 127% Fibonacci retracement continuous level for the BC rib, therefore with breaking the resistance level 1.0011 the pair will continue rising till the resistance area which is between the level 1.0049 which represents 50% Fibonacci retracement correction level for the bearish direction ( from 1.0208 to 0.9889 ) and the level 1.0065 which represents 127% Fibonacci retracement continuous level for the BC rib and this area represents the complement D point for the harmonic pattern.
This expectation depends on the stability of the support level 0.9930.
Res. 0.9998 1.0032 1.0073
Pivot 0.9957
Sup. 0.9923 0.9882 0.9848
AUDUSD
The pair has returned again to trade below the bullish trend line for the long-term giving a strong signal on continuing forming the bearish direction for the short-term which will be confirmed with breaking the support level 0.9930 which represents 76.4% Fibonacci retracement correction level for the bullish direction (from 0.9830 to 1.0255) and in this case the pair will reach the next support level at the level 0.9830.
This expectation depends on the stability of the resistance level 0.9990.
Res. 0.9992 1.0043 1.0074
Pivot 0.9962
Sup. 0.9910 0.9878 0.9828
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Monday 10-01-2011 Technical Analysis
EURUSD
The European currency is still declining deeply against the American dollar, the end of the last week trades saw a new downtrend pushed the pair to break the important support level 1.2970; this breaking shifted the strength of the bearish positions on the pair and caused the continuation of forming short and medium-terms downtrend, it is expected that the pair will continue declining targeting the level 1.2823 which represents 161.8% Fibonacci continuous level for the uptrend (from 1.3055 to 1.3430) at which the price expected to coincide with the pitchfork bottom line on the same direction that mentioned before.
The stability of these expectations requires the stability of the resistance level 1.2970.
Res. 1.2987 1.3062 1.3103
Pivot 1.2946
Sup. 1.2872 1.2832 1.2755
GBPUSD
The pair is moving around the only level 1.5475 for the third straight week which was a resistance level for the pair and was unable to be stable and the pair succeeded to break it and closed the last week trades above reaching to test the resistance level 1.5545 which is still stable against the pair testing till now, with expectations of more rising during the upcoming trades but under the condition of breaking this level with a good close above.
So that, it is not recommended to have any bullish positions until breaking the resistance level 1.5545 to target then the resistance level 1.5640 as the first target of this rising.
The stability of these expectations requires the stability of the support level 1.4575.
RES. 1.5622 1.5689 1.5795
Pivot 1.5513
Sup. 1.5448 1.5338 1.5270
USDCHF
Yesterday, the pair succeeded to exit this bearish channel in which the pair was moving for the medium period after breaking the resistance level 0.9525 that was mentioned yesterday, so the bullish direction for the intraday levels has been confirmed after breaking this level, expecting more rising during the upcoming trades targeting to test the resistance level 0.9740 which represents the target of exiting this bearish channel.
The stability of these expectations requires the stability of the support level 0.9525.
Yesterday analysis is still remaining till now
RES. 0.9706 0.9741 0.9793
Pivot 0.9654
Sup. 0.9617 0.9567 0.9532
USDCAD
The issued Canadian data through the end of last week is positive which pushed the Canadian dollar up against the U.S dollar again, this bullish move for the Canadian dollar reflects forming the pair a new bearish top near the resistance level 1.0011 pushed from it the pair down to retest the nearest resistance level from it the level 0.99889 which the pair trades near it during the intraday trades, in case of willing the pair of continue forming the bearish directions; the support level 0.9889 must be broken then the pair will continue falling till the next support level at 0.9830, this bearish scenario depends on the stability of the bearish trend line for the short-term with the stability of the resistance level 1.0011.
Res. 0.9984 1.0045 1.0088
Pivot 0.9941
Sup. 0.9880 0.9837 0.9776
AUDUSD
The pair direction is still the bearish direction for the short-term, whereas the trades are still below the bullish trend line for the medium and the short-term which as broken down before, during the last intraday trades it's noticed that the pair is in the process of forming a continuous pattern for the bearish direction, which is the symmetrical triangle and this pattern came to support the dominant bearish direction till now on the pair trading, it's expected that with breaking the lower board of the pattern and also with breaking the support level 0.9905 to continue the pair falling till the support level 0.9830 which represents the targeted price for the pattern.
This expectation depends on the stability of the resistance level 0.9990.
Res. 1.0004 1.0039 1.0089
Pivot 0.9954
Sup. 0.9919 0.9868 0.9834
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Wednesday 13th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
The pair is still keeping the bullish direction as the main direction for the medium-term which was formed through moving inside a bullish channel, the pair used touching the bottom border of this channel to form a new bullish bottom which represents the point C for the harmonic pattern AB=CD, during the last intraday trades it is noticed that, the pair is trying to confirm breaking the resistance level 1.4482 which represents the point B, and if the pair succeeded to confirm this breaking, it will continue rising to form the remaining part of the rib CD which targets to reach the level 1.4615 which represents one of the resistance levels of the top border of the bullish channel and at the same time represents the point D that completes the harmonic pattern.
The stability of these expectations requires the stability of the support level 1.4375.
Res: 1.4538 1.4599 1.4680
Pivot: 1.4457
Sup: 1.4396 1.4315 1.4254
GBP/ USD
After the pair faced the resistance level 1.6425 twice, it reflected downwards forming a double top reversal pattern in which the bottom border coincides with 23.6% of Fibonacci's correction levels for the last bullish wave for the near-term and the targets of this pattern also coincides with these Fibonacci's correction levels, after the pair broke the support level 1.6310 which represents the base line for the pattern, it is expected to target testing the support level 1.6240 as the first targets for the formed pattern which coincides with 38.2% of Fibonacci's correction level that was mentioned before and in the case of succeeding the pair to break this level it will target immediately the level 1.6180 which represents 50.0% of the same Fibonacci's levels.
The stability of these expectations requires the stability of the resistance level 1.6310.
Res: 1.6326 1.6398 1.6448
Pivot: 1.6276
Sup: 1.6204 1.6154 1.6082
USD/CHF
As it was expected through yesterday report, the pair succeeded to break the support level 0.9015 down to continue declining achieving the lowest price for yesterday trades by reaching the level 0.8941, with breaking this level it is expected that, the pair will continue declining during the upcoming trades targeting the support level 0.8915 which with its breaking down the pair is expected to continue declining till reaches the level 0.8801 which represents 127.0% of Fibonacci's continuous level for the bullish move (from 0.8915 to 0.9339).
The stability of these expectations requires the stability of the resistance level 0.9015.
Res: 0.9049 0.9129 0.9183
Pivot: 0.8995
Sup: 0.8915 0.8861 0.8781
USD/CAD
The pair continued declining during the last trades for the long and medium-terms, the pair formed a pattern which is the rounding bottom whereas it's noticed that the pair took a rounding curve, it took this shape during the long-term trades therefore it's expected that the pair will take the bullish direction during the intraday trades but the pair must break the resistance level 0.9623 which represents the midline for the pattern, and also it must do a good close above it because this will push the pair to target the resistance level 0.9671 and with the stability above this level, then the pair may reach the resistance level 0.9721.
This expectation depends on breaking the pair the resistance level 0.9624 and the stability above it.
Res: 0.9673 0.9714 0.9774
Pivot: 0.9613
Sup: 0.9572 0.9512 0.9471
AUD/USD
The pair formed a new bullish bottom for the medium and the short-terms using coinciding the bottom border for the bullish channel with 23.6% Fibonacci fan correction level for the bullish direction (from 0.9705 to 1.0579), expecting with the stability of the support level 1.0425 that the pair will continue rising using this bottom to retest the resistance level 1.0580 which with breaking it up the pair will continue registering a new records.
This expectation depends on the stability of the support level 1.0425
Res: 1.0507 1.0579 1.0639
Pivot: 1.0447
Sup: 1.0375 1.0315 1.0243
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