GIGFX Daily Economic Analysis - page 14
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Tuesday 29th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
Yesterday trades were in a narrow range and reflect collecting the momentum that will determine the upcoming direction, it is noticed that, the pair was unable to break the support level 1.4035 forming a short-term bearish bottom that the pair used it to push rising to re-test the nearest resistance levels and also targeting to re-test the bullish trendline which was broken down before so that, it is expected that, the pair will form a short-term bearish top at which the price is expected to coincide with the meeting point of the broken down bullish trendline with the short-term bearish trendline with the confused area between the resistance levels 1.4143 and 1.4173 which represent 61.8% and 76.4% fibonacci's correction levels for the bearish wave (from 1.4219 to 1.4020).
After forming the expected bearish top it is expected that, the pair will return declining to re-test the support level 1.4035.
The stability of these expectations requires the stability of the resistance level 1.4173.
Res: 1.4127 1.4168 1.4222
Pivot: 1.4073
Sup: 1.4032 1.3978 1.3937
GBP/USD
The pair declined at the end of the last week trades and the beginning of this week trades reaching the support level 1.5970 which was a start point of a bullish wave expecting more decline during today's intraday trades targeting the support level 1.5855 but under the condition of holding steady below support level 1.5970 that the pair is moving around till now with the probability of rising the pair to re-test the resistance level 1.6070 again.
The stability of these expectations requires the stability of the resistance level 1.6070.
Res: 1.6039 1.6087 1.6139
Pivot: 1.5987
Sup: 1.5939 1.5887 1.5839
USD/CHF
The pair failed to break the resistance level 0.9228 forming a top that forced it to decline again whereas, the pair now is trading around the support level 0.9142 which represents 0.9142 which represents 50.0% Fibonacci's correction level for the bearish wave (From 0.9368 to 0.8915) that was broken before. If the pair formed a bottom at this level, it will coincide with the bullish trendline for the short-term then the pair will rise to try to break the level 0.9228 which with its breaking up means more rise till reach the level 0.9261 then the level 0.9368, but if the pair broke the support level 0.9142 it will decline again till reach the support level 0.9022.
Res: 0.9217 0.9267 0.9300
Pivot: 0.9184
Sup: 0.9134 0.9101 0.9051
USD/CAD
As noticed in the chart that the pair is not still moving with a sideway direction for the short-term trades and the intraday levels inside the sideway channel between the resistance level 0.9827 which represents the top border for the channel and the support level 0.9748 which represents the lower border for the channel expecting for it to try reaching the resistance level 0.9827 which represents the top border for the channel to test it, by breaking the pair this level and the stability above it, therefore the pair will target the resistance level 0.9864 then the level 0.9905.
This scenario depends on the stability of the pair above the support level 0.9748.
Res: 0.9820 0.9863 0.9904
Pivot: 0.9779
Sup: 0.9736 0.9695 0.9652
AUD/USD
During yesterday trades the Australian dollar registered a new record against the American dollar by reaching the level 1.0312 whereas a new top has been formed at this level which pushed the pair down retesting the nearest support levels, as noticed in the chart that there's a complement positive divergence for the bullish direction, therefore it's expected during the next trades that the pair will rise again to retest the level 1.0312 which with breaking it up the pair will continue rising till the level 1.0334 which represents 127% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ).
This expectation depends on the stability of the support level 1.0200.
Res: 1.0292 1.0342 1.0372
Pivot: 1.0262
Sup: 1.0212 1.0182 1.0132
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Wednesday 30th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
As it was expected through yesterday report, the pair formed a bearish top between the resistance levels 1.4143 and 1.4173 which represent 61.8% and 76.4% of Fibonacci's correction level for the bearish wave (from 1.4219 to 1.4020), this top coincided with the meeting point of the broken down bullish trendline with the short-term bearish trendline, this top pushed the pair down to decline again till formed a bottom around the support level 1.4035. The rose again to test the nearest resistance level, these bullish and bearish moves require breaking the support level 1.4035 or breaking the resistance level 1.4143 to form a clear move. If the pair broke the resistance level 1.4143 with breaking the bearish trendline for the short-term, it will rise targeting the resistance level 1.4248, and if the pair broke the support level 1.4035, it will decline targeting the level 1.3941 which represents 61.8% of Fibonacci's correction level for the bullish move (from 1.3752 to 1.4248).
Res: 1.4159 1.4205 1.4261
Pivot: 1.4103
Sup: 1.4057 1.4001 1.3955
GBP/USD
The pair declined at the end of the last week trades and the beginning of this week trades reaching the support level 1.5970 which was a start point of a bullish wave expecting more decline during today's intraday trades targeting the support level 1.5855 but under the condition of holding steady below support level 1.5970 that the pair is moving around till now with the probability of rising the pair to re-test the resistance level 1.6070 again.
The stability of these expectations requires the stability of the resistance level 1.6070.
Yesterday analysis remains
Res: 1.6053 1.6096 1.6151
Pivot: 1.5998
Sup: 1.5955 1.5900 1.5857
USD/CHF
As it was expected through yesterday report, the pair formed a bullish bottom at the support level 0.9142 which represents 50.0% of Fibonacci's correction level for the bearish move (from 0.9368 to 0.8915) using the coinciding with the bullish trend line for the short-term, the pair used this bottom to rise again till reached the resistance level 0.9228 that the last intraday trades were around trying to confirm breaking this level in order to continue rise targeting to reach the level 0.9261 followed by the resistance level 0.9368.
The stability of these expectations requires the stability of the support level 0.9190.
Res: 0.9237 0.9273 0.9322
Pivot: 0.9188
Sup: 0.9152 0.9103 0.9067
USD/CAD
During the previous trades for the medium-term the pair was moving by a sideway direction inside the sideway channel but at the beginning of the Asian trades for today the pair broke this channel down and breaking the support level 0.9741 which represents the lower border for the channel therefore it's expected that the declining scenario will be continued till targeting the pair the support level 0.9696 and the stability of the pair below this level which advantages the pair to continue declining till reaching the support level 0.9655.
This scenario depends on the stability of the pair below the resistance level 0.9741.
Res: 0.9770 0.9800 0.9816
Pivot: 0.9754
Sup: 0.9724 0.9708 0.9678
AUD/USD
The Asian trades registered a new record by reaching the pair the level 1.0334 and this level was mentioned before in the last previous reports whereas this level represents 127% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ), this bullish move was mentioned in yesterday report and also the appearance of a positive divergence completing the bullish direction, therefore the pair formed a new bullish bottom nearest the support level 1.0200 which pushed the pair up till it reached to achieve a new record, it's expected during the next trades that breaking the resistance level 1.0334 the pair will continue rising reaching the level 1.0380 then the level 1.0422 which represents 161.8% and 200% Fibonacci retracement continuous level for the bearish direction ( from 1.0312 to 1.0202 ).
This expectation depends on the stability of the support level 1.0260.
Res: 1.0322 1.0355 1.0415
Pivot: 1.0262
Sup: 1.0229 1.0169 1.0136
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Tuesday 8th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
The trades of the pair yesterday were narrow between the support level 1.3955 and the level 1.4035 which represents one of the resistance levels of the top boarder of the bullish channel in which the pair is moving. Closing yesterday trades with a daily reversal candle paves the way to a corrective bearish wave for the last bullish wave (from 1.3743 to 1.4035) this bearish wave will be confirmed after breaking the support level 1.3955 then it will continue forming the bearish wave targeting the support levels 1.3923 and 1.3889 which represent 38.2% and 50.0% Fibonacci's correction levels for the same mentioned bullish wave. This bearish scenario requires the stability of the resistance level 1.4035 which with its breaking up the pair will continue rise during the upcoming trades targeting to reach the resistance level 1.4129 which represents 161.8% Fibonacci's continuous level for the bearish direction (from 1.3861 to 1.3428).
Res: 1.4016 1.4065 1.4096
Pivot: 1.3985
Sup: 1.3936 1.3905 1.3856
GBP/ USD
As it was expected through yesterday's report, the pair retreated yesterday breaking the support level 1.6240 after trying to test resistance level 1.6340 but it was in vain, the pair reflected strongly with a confused move expecting more retreating during today's intraday trades specially after breaking the simple moving average for the last 50 candles and touching the support level 1.6200 which represents 23.6% fibonacci's correction level for the last bullish wave for the long-term and it is expected also that, during falling, the pair will target the support level 1.6115 which represents 38.2% fibonacci's correction level of the same mentioned wave.
The stability of these expectations requires the stability of the resistance level 1.6240.
Res: 1.6299 1.6398 1.6457
Pivot: 1.6240
Sup: 1.6141 1.6082 1.5983
USD/CHF
Through this chart it is noticed that the pair is forming a rectangle pattern that continues the direction after breaking one of its boarders, the resistance level 0.9325 represents the top boarder of the pattern and the area between the support level 0.9230 and the level 0.9201 represents the bottom boarder of the pattern, the pattern came within a downtrend so with breaking the bottom boarder, the pair will continue declining targeting the level 0.9105 which represents the target of this pattern in this bearish case, but if the pair succeeded to break the top boarder it will be a reflective pattern and will shift the direction of the pair into bullish direction targeting to reach the level 0.9420 which represents 38.2% Fibonacci's correction level for the downtrend (from 0.9774 to 0.9201).
This analysis is still remaining till now
Res: 0.9282 0.9298 0.9322
Pivot: 0.9258
Sup: 0.9242 0.9218 0.9202
USD/CAD
The pair is not moving inside the sideway channel for the short-term and the intraday levels as noticed in the chart, the pair is moving in a narrow range between the resistance level 0.9741which represents the top border for the channel and the support level 0.9706 which represents the lower border for the channel, this pattern gives a strong signal for the pair direction on breaking one of these borders, as noticed that the pair formed a pattern after ending the bearish move, if the pair broke the support level 0.9706 which represents the lower border for the channel and the stability below it therefore the pair will target the support level 0.9670, but if the pair will be able to break the resistance level 0.9741which represents the top border for the channel therefore the pair will target the resistance level 0.9775.
Res: 0.9748 0.9766 0.9791
Pivot: 0.9723
Sup: 0.9705 0.968 0.9662
AUD/USD
The pair tried during yesterday trades to break the top border for the bullish flag pattern but it was unable to break the resistance level 1.0185 which pushed the pair down again to trade inside the bullish flag pattern, although of this scenario but it's expected that breaking the top border for the flag with breaking the resistance level 1.0185 up the pair will continue rising till the level 1.0277 which represents the targeted price for the pattern and also represents 161.8% Fibonacci retracement correction level for the bearish direction ( from 1.0200 to 1.0075 ).
This expectation depends on the stability of the support level 1.0075.
Res: 1.0169 1.0222 1.0262
Pivot: 1.0129
Sup: 1.0076 1.0036 0.9983
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Tuesday 15th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
As it was expected through yesterday report, the pair continued declining to cover the whole bullish gap then reflected rising to break the resistance level 1.3968 and to register the highest price during yesterday trades at 1.4003 at which the price coincides with re-testing the bottom boarder of the bullish channel which has been broken down before so, a top has been formed and pushed the pair down again trying to form a new bullish bottom, it is expected that the pair will use this bullish bottom to rise again targeting to reach the level 1.4035 which with its breaking up, the pair will rise more targeting to reach the level 1.4111 which represents 127% Fibonacci's continuous level for the downtrend (from 1.4035 to 1.3752), it is expected for this bottom to be around the support level 1.3890.
The stability of these expectations requires the stability of the support level 1.3860.
Res: 1.4026 1.4064 1.4125
Pivot: 1.3965
Sup: 1.3927 1.3866 1.3828
GBP/ USD
Yesterday, the pair succeeded to exit the channel that the pair was moving inside for the short-term as unexpected action; this led the pair to reach the resistance level 1.6180 and tested it as the first target of breaking out this channel and reflected down again trying to test the support level 1.6075 which coincides with re-testing the top boarder of this broken channel expecting more rise during today's intraday trades but under the condition of breaking the resistance level 1.6180 with stability above to target then to test the resistance level 1.6260 and this level performs as the target of breaking out this channel.
The stability of these expectations requires the stability of the support level 1.6075.
Res: 1.6237 1.6302 1.6408
Pivot: 1.6131
Sup: 1.6066 1.5960 1.5895
USD/CHF
The coinciding area of the support level 0.9265 with the bottom boarder of the bullish channel for the short-term did not hold steady for a long time against the declining that started from the former top at the level 0.9368 whereas, the pair broke this area targeting to reach the support level 0.9201, it is expected that the pair will decline more after breaking this level targeting to reach the level 0.9157 which represents 127% Fibonacci's continuous level for the uptrend (from 0.9201 to 0.9368).
The stability of these expectations requires the stability of the resistance level 0.9285.
Res: 0.9295 0.9348 0.9381
Pivot: 0.9262
Sup: 0.9209 0.9176 0.9123
USD/CAD
The pair has formed a harmonic pattern AB=CD after completing the last wave for the CD pattern by reaching the D point which was at the resistance level 0.9846 but according to the Radiation Concern at Japan and the trades of the pair during the Asian trades, it is expected during the intraday trades that the pair will form an extended CD wave till the resistance level 0.9890 just in case of breaking the pair the resistance level 0.9846 which is the D point for the pattern and if it will not be able to break it therefore the pair may reach the support level 0.9803 which represents the B point for the pattern and in case of breaking the pair it and the stability below it the pair will target the support level 0.9705 the C point for the pattern.
Res: 0.9762 0.9790 0.9817
Pivot: 0.9735
Sup: 0.9707 0.9680 0.9652
AUD/USD
Yesterday trades saw many bearish positions, these operations were supported with the Australian bank stabled rate without any changes, it's noticed during the intraday trades a try for breaking the pivotal support level 0.9965, if it was broken with a good close below this level, the pair will reach the level 0.9916 which represents 127% Fibonacci retracement correction level for the continuous level for the bullish direction ( from 1.0067 to 1.0158 ), also it's expected a further drop till the level 0.9849 which represents 161.8% Fibonacci retracement correction level for the same bullish direction.
Res: 1.0129 1.0168 1.0210
Pivot: 1.0087
Sup: 1.0048 1.0006 0.9967
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Wednesday 16th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
During yesterday trades, the pair formed a new bullish bottom for the short-term at the level 1.3855, this bullish bottom represents the point C of the harmonic pattern AB=CD that is in its forming stage whereas, the rib BC represents 61.8% Fibonacci's correction level for the rib AB so it is expected that the rib CD will be completed at 161.8% Fibonacci's continuous level for the rib BC. With breaking the resistance level 1.4003 which represents the point B and also with breaking the 1.4035 it is expected that, the pair will continue forming the bullish rib CD which targets to reach the level 1.4110 which represents the point D that completes the harmonic pattern.
The stability of these expectations requires the stability of the support level 1.3855.
Res: 1.4055 1.4113 1.4213
Pivot: 1.3955
Sup: 1.3897 1.3797 1.3739
GBP/ USD
Yesterday trades were volatile and confused between rising and declining and by drawing Fibonacci's correction levels for the last bearish wave for the short-term it is noticed that the pair faced the support level 1.6060 at the beginning of the Asian market trades today, this level represents 23.6% Fibonacci's correction levels and now the pair is testing the resistance level 1.6115 which represents 38.2% of the same correction levels. If the pair succeeded to break this level with stability above it is expected that the pair will target the resistance level 1.6200 which represents 61.8% of the same correction levels during today's intraday trades.
The stability of these expectations requires the stability of the support level 1.6060.
Res: 1.6185 1.6286 1.6389
Pivot: 1.6082
Sup: 1.5981 1.5878 1.5777
USD/CHF
During yesterday trades, the pair registered a new record by reaching the lowest price in these trades at the level 0.9140 which is located in the support area of the percentage 127 of Fibonacci's continuous levels for the uptrend (from 0.9201 to 0.9368). At this percentage, the pair formed a bottom and used it to rise during the last intraday trades targeting to re-test the level 0.9201 which became a resistance level. It is expected to form a bearish top at this level that will force the pair to decline breaking the level 0.9140which with its breaking downwards means more declining till reaching the level 0.9099 which represents 161.8% Fibonacci's continuous level for the same mentioned uptrend.
Res: 0.9230 0.9296 0.9341
Pivot: 0.9185
Sup: 0.9119 0.9074 0.9008
USD/CAD
After raising the pair yesterday by forming a reversal candle as noticed in the chart, the pair is between the resistance level 0.9857 which represents 38.2% Fibonacci retracement correction level for the last bullish wave and the support level 0.9819 which represents 50.0% Fibonacci retracement correction level.
If the pair breaks the support level 0.9819 which represents 50.0% Fibonacci retracement correction level and the stability below it, so the pair will target the support level 0.9783 which represents 61.8% Fibonacci retracement correction level.
But if the pair breaks the resistance level 0.9857 which represents 38.2% from the same previous mentioned Fibonacci retracement correction level and the stability above it; the pair will target the resistance level 0.9901 which represents 23.6% from the same previous mentioned Fibonacci retracement correction level.
Res: 0.9970 1.0090 1.0208
pivot: 0.9852
Sup: 0.9732 0.9614 0.9494
AUD/USD
Yesterday pair trades saw a continuation of a great selling positions which reserves the Australian bank decision on keeping the interest rate without any changes, it was expected in the last report that with breaking the central support level 0.9965, the pair will continue declining till the level 0.9849 which represents 161.8% Fibonacci retracement correction level for the bullish direction (from 1.0067 to 1.0158 ) which is already done, after reaching this level the pair formed a bearish bottom which pushed it up during the last intraday trades searching to form a bearish top which will force the pair to decline again trying to break the support level 0.9849 which with breaking it down means a further drop till the next support level at 0.9776 which represents 200% Fibonacci retracement continuous level for the same mentioned bullish direction, expecting that a bearish top will be formed at the level 0.9965 which became a resistance level after breaking it down.
Res: 1.0059 1.0227 1.0349
Pivot: 0.9937
Sup: 0.9769 0.9647 0.9479
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