GIGFX Daily Economic Analysis - page 13
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Thursday 7th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
Yesterday trades saw the confirmation of breaking the resistance level 1.4248 which represents the point B of the harmonic pattern AB=CD, the European currency continued rising against the American dollar and succeeded to break the resistance level 1.4310 to end yesterday trades achieving the highest price at the level 1.4350 around the point D. the pair formed a top and used it to decline during the Asian market period trying to form a new bullish bottom that is expected to be around the support level 1.4275, the pair will use this bottom to rise targeting to reach the resistance level 1.4389.
The stability of these expectations requires the stability of the support level 1.4248.
Res: 1.4384 1.4437 1.4525
Pivot: 1.4296
Sup: 1.4243 1.4155 1.4102
GBP/ USD
Yesterday, the pair continued rising till reached the level 1.6330 that has been tested two consecutive times and still resisting the rise of the pair and this led the pair to form a double tops pattern that shifts the bullish direction to bearish direction, but in order to confirm this pattern forming, the pair should break the support level 1.6260 which represents the base of the pattern to target then the support level 1.6200 which represents 38.2% of Fibonacci's correction level for the last bullish wave for the near-term.
The stability of these expectations requires the stability of the resistance level 1.6330.
Res: 1.6376 1.6422 1.6482
Pivot: 1.6316
Sup: 1.6270 1.6210 1.6164
USD/CHF
As it was expected through yesterday report, the pair formed the second top for the double tops harmonic pattern at the resistance level 0.9290 and it was pushed declining breaking the neck line of the pattern at the support level 0.9210 and also broke the bottom border of the bullish channel in which the pair was moving for the near and the medium-term. The pair continued declining till reached the level 0.9127 which represents 50.0% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339) and also represents the target of the pattern. After the pair exited out of the range of the bullish channel, the pair may target to reach the level 0.9015 which represents 76.4% of Fibonacci's correction level but under the condition of breaking the support levels 0.9127 and 0.9077.
The stability of these expectations requires the stability of the resistance level 0.9210.
Res: 0.9276 0.9363 0.9436
Pivot: 0.9203
Sup: 0.9116 0.9043 0.8956
USD/CAD
Yesterday the pair has completed the CD rib from the AB=CD harmonic pattern till it reached the support level 0.9588 and it gives a rising doji sign therefore the pair during the intraday trades will make a corrective rise which began since completing the previous mentioned CD rib the pair first targets is the resistance level 0.9681 and breaking the pair to this level and the stability above it, the pair will continue rising till it targets the resistance level 0.9729 which represents the B point for the formed pattern.
Res: 0.9641 0.9677 0.9714
Pivot: 0.9604
Sup: 0.9531 0.9669 0.9495
AUD/USD
Continuality for what was mentioned during the previous reports that the pair is continuing rising targeting a new record by reaching the level 1.0449 during yesterday trades after succeeding the pair on breaking the resistance level 1.0422, during the Asian trades the pair was able to break also the level 1.0449 continuing targeting a new records, therefore it's expected that the bullish move will be continued by reaching the level 1.0506 which represents 161.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ).
Res: 1.0487 1.0535 1.0622
Pivot: 1.0400
Sup: 1.0352 1.0265 1.0217
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Friday 8th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
The ECB raised the interest rates 0.25% and this supports the rise of the European currency against the American dollar whereas, the pair is in the forming stage of another harmonic patter AB=CD where the rib BC represents 50.0% of Fibonacci's correction level for the rib AB so it is expected that, the rib CD will be completed at 200% of Fibonacci's continuous level for the rib BC, after the resistance level 1.4350 which represents the point B that has been broken during the Asian market trades, the pair will continue rising till reaching the level 1.4455 which represents 200.0% of Fibonacci's continuous level for the rib BC and also represents the point D that completes the pattern.
The stability of these expectations requires the stability of the support level 1.4350.
Res: 1.4349 1.4390 1.4443
Pivot: 1.4296
Sup: 1.4255 1.4202 1.4161
GBP/ USD
Yesterday, the pair continued rising after forming a pirate flag pattern which supports the continuity of the bullish direction. The pair broke the top border of this pattern reaching the resistance level 1.6380 that the pair is testing till the moment expecting more rising during today's intraday trades, supported by the formed pattern that was formed on yesterday's price action targeting the resistance level 1.6490 but under the condition of breaking the resistance level 1.6380.
The stability of these expectations requires the stability of the support level 1.6320.
Res: 1.6357 1.6393 1.6441
Pivot: 1.6309
Sup: 1.6273 1.6225 1.6189
USD/CHF
The pair is continuing its corrective bearish direction after breaking the bottom border of the bullish channel for the short and the medium-term. During the last trades, the pair tried to confirm breaking the support level 0.9127 which represents 50.0% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339), if the pair broke this level with stability below, this will force the pair to decline targeting the level 0.9015 which represents 76.4% of Fibonacci continuous level for the same mentioned bullish direction furthermore, it also represents the target of breaking out of the bullish channel.
The stability of these expectations requires the stability of the resistance level 0.9190.
Res: 0.9192 0.9220 0.9240
Pivot: 0.9172
Sup: 0.9144 0.9124 0.9096
USD/CAD
The pair direction is the bearish direction for the medium and the short-terms whereas a harmonic pattern AB=CDis formed on the price movement and the pair is moving now in the last wave of the pattern which is the CD wave which also targets the support level 0.9479 to complete the pattern by forming this wave, therefore it's expected forthe pair to continue declining ( with the probability of retesting the price to the resistance level 0.9612 which represents the B point for the formed pattern ).
But succeeding this scenario up depends on the stability of the resistance level 0.9612.
Res: 0.9611 0.9643 0.9664
Pivot: 0.9590
Sup: 0.9558 0.9537 0.9505
AUD/USD
Continuality for what was mentioned in the previous reports that the pair is continuing rising achieving a new record by reaching the level 1.0506 during yesterday trades after succeeding the pair to break the resistance level 1.0449, the pair will try to get out of this bullish channel during the intraday trades to form a new bullish direction reaching the level 1.0695 which represents 200% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ), expecting that the price will get out of this channel after breaking the resistance level 1.0506 with a good close above it.
This expectation depends on the stability of the support level 1.0449.
Res: 1.0511 1.0555 1.0604
Pivot: 1.0462
Sup: 1.0418 1.0369 1.0325
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Monday 11th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
The trades of last week saw the continuity of declining the European currency against the U.S dollar as the pair achieved the highest price in 15 months at the level 1.4482, by reaching this level, the pair completed the harmonic pattern AB=CD which was targeting the level 1.4455 that represents the point D that completes the pattern. Despite of this bearish beginning of this week's trades, this declining will not remain for a long time as it is expected with breaking the level 1.4482 that, the pair will continue rising targeting to reach the next resistance level at 1.4521.
The stability of these expectations requires the stability of the support level 1.4350.
Res: 1.4545 1.4609 1.4736
Pivot: 1.4418
Sup: 1.4354 1.4227 1.4163
GBP/ USD
The bullish direction is still dominating the price action of the pair for the near and long-term and also for the intraday levels. it noticed that the pair formed a harmonic pattern AB=CD and is moving in the range of the last wave CD which is supposed to target the resistance level 1.6490 in order to complete the pattern.
The stability of these expectations requires the stability of the support level 1.6325.
Res: 1.6440 1.6489 1.6553
Pivot: 1.6376
Sup: 1.6327 1.6263 1.6214
USD/CHF
The pair continued its corrective bearish direction for the short-term as it succeeded to break the support level 0.9127 which represents 50.0% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339). The last intraday trades were at the support level 0.9077 expecting to break this level down targeting the level 0.9015 which represents 76.4% of Fibonacci's correction level for the same bullish move and also represents the target of breaking out this bullish channel.
The stability of these expectations requires the stability of the resistance level 0.9127.
Res: 0.9140 0.9196 0.9225
Pivot: 0.9111
Sup: 0.9055 0.9026 0.8970
USD/CAD
As noticed in the char for the medium and the long-terms, the pair is taking the bearish direction as a main direction till it's stability inside the bearish channel therefore it's expected that the pair will continue declining till re-testing the support level 0.9460 which represents the lower border for the bearish channel but if the pair broke the resistance level 0.9570 which represents the top border for the channel and the stability of the pair above it, then the pair will target the resistance level 0.9657.
Res: 0.9594 0.9628 0.9663
Pivot: 0.9559
Sup: 0.9525 0.949 0.9456
AUD/USD
Although of breaking the resistance level 1.0506 which represents 161.8% Fibonacci retracement complement level for the bearish direction ( from 1.0200 to 0.9705 ) however it's still unable to break the top border for the bullish channel, whereas the pair registered a new record by reaching the level 1.0565, expecting with succeeding in breaking this level and with getting out of the bullish channel then the pair will start to form a bullish sub-direction by reaching the level 1.0695 which represents 200% Fibonacci retracement continuous level for the same previous mentioned bearish direction.
This expectation depends on the stability of the support level 1.0506.
Res: 1.0601 1.0640 1.0715
Pivot: 1.0526
Sup: 1.0487 1.0412 1.0373
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Thursday 14th of April 2011 Daily Technical Analysis Report
EUR/USD
Yesterday trades were in a bearish narrow range although this bearish narrow move, the pair is still moving inside a bullish channel for the medium-term, the continuity of existing the positive divergence that continues the bullish direction is noticed through this chart, these positive signs confirms the tendency of the pair to continue rise so that a new bullish bottom has been formed when the pair faced the bottom border of the bullish channel, it is expected that the pair will continue rise during the upcoming trades targeting to form the remaining part of the harmonic pattern AB=CD which targets to reach the level 1.4615 which represents the point D that completes the harmonic pattern.
The stability of these expectations requires the stability of the support level 1.4375.
Res: 1.4503 1.4564 1.4609
Pivot: 1.4458
Sup: 1.4397 1.4352 1.4291
GBP/ USD
The support level 1.6240 which represents 38.2% of Fibonacci's correction level for the last bullish wave for the medium-term held and supported the pair to return rising again breaking the level 1.6310 which represents 23.6% of the same Fibonacci's correction level expecting more rising during today's intraday trades targeting the resistance level 1.6425 at which the pair formed a top previously, this level is important as it will determine the upcoming direction for the pair during the medium-term trades.
The stability of these expectations requires the stability of the support level 1.6310.
Res: 1.6305 1.6342 1.6377
Pivot: 1.6270
Sup: 1.6233 1.6198 1.6161
USD/CHF
The pair is still declining for short, medium and long-terms, it was expected through the last report that the pair will try to break the support level 0.8915 and this is what the pair tried to do during the last intraday trades, with breaking this level it is expected that the pair will continue declining till reach 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: 0.8993 0.9023 0.9056
Pivot: 0.8960
Sup: 0.8930 0.8897 0.8867
USD/CAD
During the previous trades for the medium-term the pair didn't determine a certain direction whereas it was confined between the resistance level 0.9641 and the support level 0.9565 therefore it's expected that the pair will take the bullish direction and if the pair is able to break the resistance level 0.9609 which represents 50.0% Fibonacci retracement for the last bearish wave and the stability above it therefore the pair will retest the resistance level 0.9641 then the resistance level 0.9653 which represents 76.4% from the same previous mentioned Fibonacci retracement levels but the pair must break the resistance level 0.9628 which represents 61.8% from the same previous mentioned Fibonacci retracement levels.
This expectation depends on breaking the pair the resistance level 0.9609 which represents 50.0% Fibonacci retracement levels.
Res: 0.9653 0.9686 0.9721
Pivot: 0.9618
Sup: 0.9585 0.9550 0.9517
AUD/USD
Seems that the pair is able to retest the resistance level 1.0580 again, whereas it is still moving inside the bullish channel for the medium and the short-terms, expecting with continuing the stability of the lower border for the channel and the stability of the support level 1.0460 the pair will continue rising during the next trades reaching the level 1.0580 which with breaking it up the pair will register a new records.
This expectation depends on the stability of the support level 1.0460.
Res: 1.0551 1.0599 1.0661
Pivot: 1.0489
Sup: 1.0441 1.0379 1.0331
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Monday 21st of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
The trades of last week saw the rise of the European currency against the dollar. The rib CD that completes the harmonic pattern AB=CD has been completed by reaching the level 1.4110 which represents the point D, rising the pair did not stop at this level and continued to register the highest price at 1.4185. it is expected that the pair will continue rising on speculation that with breaking the level 1.4185 the pair will target to reach the level 1.4210 which represents 161.8% Fibonacci's continuous level for the downtrend (From 1.4035 to 1.3752), and in the case of breaking this level with stability above, the pair will continue to rise targeting to reach the next resistance level 1.4318.
The stability of these expectations requires the stability of the support level 1.4110.
Res: 1.4251 1.4320 1.4456
Pivot: 1.4115
Sup: 1.4046 1.3910 1.3841
GBP/USD
The pair succeeded at the end of the last week trades to break up the confusion area between the level 1.6175 and the level 1.5895 as it was expected, speculating more rise during today's intraday trades targeting the resistance level 1.6270 as the first targets of breaking out the short-term sideway move, if the pair succeeded to break this level with stability above it will target to reach the resistance level 1.6330.
The stability of these expectations requires the stability of the support level 1.6175.
Res: 1.6303 1.6375 1.6497
Pivot: 1.6181
Sup: 1.6109 1.5987 1.5915
USD/CHF
The bearish direction is still dominating the trades of the pair till now although the corrective bullish move for the short-term, where the pair formed a bearish top at the resistance level 0.9090 with expectation that the pair will continue declining during the upcoming trades breaking the bullish trendline for the short-term, then the pair will target to decline till reaching the level 0.8915 which with its breaking downwards, the pair will decline till reaches the next support level at 0.8868.
The stability of these expectations requires the stability of the resistance level 0.9090.
Res: 0.9073 0.9139 0.9187
Pivot: 0.9025
Sup: 0.8959 0.8911 0.8845
USD/CAD
After breaking the pair the bullish channel at the support level 0.9874 during the previous trades for the short-term, the pair formed a bearish wave. from the expected that the pair will continue declining during the intraday trades to continue the corrective direction, the pair is trading now between the support level 0.9783 which represents 61.8% Fibonacci retracement correction level for the last bullish correction wave and the resistance level 0.9820 which represents 50.0% Fibonacci retracement correction level breaking the pair the support level 0.9783 matches the pair till the support level 0.9738 which represents 76.4% Fibonacci retracement correction level, but the ability of the pair in breaking then the stability above the resistance level 0.9820 matches the pair to the resistance level 0.9856 which represents 38.2% Fibonacci retracement correction level.
Res: 0.9868 0.9895 0.9928
Pivot: 0.9835
Sup: 0.9808 0.9775 0.9748
AUD/USD
As noticed in the chart, the pair is continuing forming the bullish corrective direction, whereas the pair broke the resistance level 0.9965 up, during the last intraday trades the pair continued rising reaching the level 1.0050 which represents 76.4% Fibonacci retracement correction level for the bearish direction ( from 1.0157 to 0.9715 ) and also represents the targeted price to get out of the bearish channel, also from the expected that in case of breaking the resistance level 1.0050 the pair will continue rising to reach the next resistance level at 1.0157.
This expectation depends on the stability of the support level 0.9965.
Res: 1.0032 1.0103 1.0229
Pivot: 0.9906
Sup: 0.9835 0.9709 0.9638
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Thursday 24th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
As it was expected through yesterday report, the pair continued a short-term corrective bearish direction whereas, it was able to break the support level 1.4131 which represents 23.6% Fibonacci's correction level for the bullish wave (from 1.3752 to 1.4248) to continue declining achieving the lowest price during yesterday trades at 1.4077. It is expected that the pair will continue its corrective bearish direction till reaching the support level 1.4035 at which the price is supposed to coincide with the medium-term bullish trendline. This scenario will be confirmed after breaking the level 1.4077.
The stability of these expectations requires the stability of the resistance level 1.4131.
Res: 1.4180 1.4265 1.4317
Pivot: 1.4128
Sup: 1.4043 1.3991 1.3906
GBP/USD
The pair continued declining for the second straight day as the pair broke the level 1.6235 which represents 38.2% Fibonacci's correction level for the last short-term bullish wave at the beginning of today's session, now the pair is trying to reach the support level 1.6185 which represents 50.0% of the same mentioned level expecting more decline targeting the support level 1.6135 which represents 61.8% of the same mentioned level during today's intraday trades.
The stability of these expectations requires the stability of the resistance level 1.6235.
Res: 1.6343 1.6445 1.6507
Pivot: 1.6281
Sup: 1.6179 1.6117 1.6015
USD/CHF
Yesterday trades saw forming a bottom at the support level 0.8978 where this level succeeded to stop the bearish wave then the pair used this formed bottom to rise again till reached the resistance level 0.9088 which represents 38.2% Fibonacci's correction level for the bearish wave (from 0.9368 to 0.8915), the pair continued rise breaking this level expecting more rising till reaches the resistance level 0.9195 which represents 61.8% Fibonacci's correction level for the same bearish wave and in order to reach this level, the pair should break the resistance level 0.9142 with stability above.
The stability of these expectations requires the stability of the support level 0.9088.
Res: 0.9118 0.9158 0.9228
Pivot: 0.9048
Sup: 0.9008 0.8938 0.8898
USD/CAD
As noticed in the chart, the pair has formed a bullish channel during the previous trades for the short-term, the pair is standing now against the support level 0.9800 which represents the lower border for the bullish channel therefore it's expected after testing this border that the intraday pair trades will take the bullish direction till targeting the resistance level 0.9862.
In condition, the stability of the pair above the support level 0.9800 which represents the lower border for the bullish channel. But if the pair breaks the support level 0.9800 which represents the lower border for the channel, so the pair will decline targeting the support level 0.9735.
Res: 0.9838 0.9866 0.989
Pivot: 0.9814
Sup: 0.9786 0.9762 0.9734
AUD/USD
The pair used the formed bottom which is near to the support level 1.0050 to rise again breaking the bearish trendline for the medium and the short-terms and also breaking the resistance level 1.0127, expecting for the pair to continue rising during the next trades to reach the resistance level 1.0157 but to reach this level; the resistance level 1.0157 must be broken by a good close above it.
This expectation depends on the stability of the support level 1.0110.
Res: 1.0169 1.0208 1.0261
Pivot: 1.0116
Sup: 1.0077 1.0024 0.9985
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Monday 28th of March 2011 GIGFX Daily Technical Analysis Report
EUR/USD
On the contrary of what was expected, the trades of the end of the last week was unable to break the resistance level 1.4215 to form a new top that pushed the pair down again, this decline pushed the pair to break the bullish trendline for the medium-term at the level 1.4059 which represents 38.2% of Fibonacci's correction level for the bullish wave (from 1.3752 to 4248). At the beginning of this week trades, the pair registered a bearish gap which was the reason to break the formed bottom at the level 1.4059 to support continuing its corrective bearish direction, its continuity will be confirmed after breaking the support level 1.4035 during the upcoming trades then the pair will target to reach the level 1.3941 which represents 61.8% of Fibonacci's correction level for the same bullish wave that was mentioned before.
Res: 1.4170 1.4251 1.4309
Pivot: 1.4112
Sup: 1.4031 1.3973 1.3892
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.
The stability of these expectations requires the stability of the resistance level 1.6070.
Res: 1.6118 1.6195 1.6251
Pivot: 1.6062
Sup: 1.5985 1.5929 1.5852
USD/CHF
The harmonic pattern AB=CD has been completed by reaching the pair to the point D between the level 0.9170 and the resistance level 0.9195 which represents 61.8% of Fibonacci's correction level for the bearish wave (from 0.9368 to 0.8915). At the beginning of this week trades, the pair pushed breaking the resistance level 0.9195 to confirm its tendency of continuing rising, targeting to reach the level 0.9261 which represents 76.4% of Fibonacci's correction level for the same mentioned bearish wave.
The stability of these expectations requires the stability of the support level 0.9170.
Res: 0.9249 0.9301 0.9388
Pivot: 0.9162
Sup: 0.9110 0.9023 0.8971
USD/CAD
As noticed in the chart, during the previous medium-term trades the pair formed a double consecutive bottoms at the support level 0.9744 therefore it's expected during the intraday trades that the pair will test the resistance level 0.9825 which represents the midline for the formed pattern. if the pair was able to break it with stability above it, then the pair will target the resistance level 0.9865 and the stability above this level, will give the pair a chance to continue rising till the resistance level 0.9905.
Res: 0.9837 0.9874 0.9923
Pivot: 0.9788
Sup: 0.9751 0.9702 0.9665
AUD/USD
The end of last week Australian dollar trades registered a new record against the American dollar by reaching the level 1.0292 whereas the pair is continuing forming the bullish direction which is embodied through the movement inside the bullish channel, whereas it is expected during the next trades that with breaking the level 1.0292, the pair will continue rising till the level 1.0334 which represents 127% Fibonacci retracement correction level for the bearish direction ( from 1.0200 to 0.9705 ).
This expectation depends on the stability of the support level 1.0200.
Res: 1.0305 1.0352 1.0412
Pivot: 1.0245
Sup: 1.0198 1.0138 1.0091
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