GIGFX Daily Economic Analysis - page 8
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Monday 02-05-2011 Technical Analysis
EUR/USD
As noticed in the chart, the pair formed the second consecutive top at the resistance level 1.4880, by that the first condition of remaining a reflective pattern for the bullish direction which is the ( double consecutive tops ) is found; the most important condition is breaking the base of the pattern at the support level 1.4770, it's also noticed that the (1.2.3) pattern is not completed till now whereas the pair is reaching the level 1.4985, if the reversal bullish pattern is completed therefore it's difficult to complete the (1.2.3) pattern but in case of failing the reversal pattern by breaking the support level 1.4880, the pair will continue the bullish wave till reaches the level 1.4985. In case of confirming breaking the support level 1.14770 with breaking the bullish trend line, the pair will continue declining till reaches the level 1.4660 which represents the targeted price for the ( double consecutive tops ) pattern.
Res: 1.4853 1.4901 1.4926
Pivot: 1.4828
Sup: 1.4780 1.4755 1.4707
GBP/ USD
The resistance level 1.6720 was able to hold against testing the pair for it double consecutive times, forming a reflective pattern for the bullish direction which is the double consecutive tops therefore it's expected during the intraday trades declining the pair but in case of breaking the base of the pattern at the support level 1.6625 with a good close below it will push the pair to target the support level 1.6510.
This expectation depends on the stability of the resistance level 1.6720.
Res: 1.6743 1.6780 1.6840
Pivot: 1.6683
Sup: 1.6646 1.6586 1.6549
USD/CHF
As observed for the USD/CHF chart, the pair remains trading between a bearish channel lines during the short and medium periods, where the pair could not break down the support level 0.8648 during the Asian trades, which is the bottom the pair formed during last week tradesto rise from it, so it is expected that the pair will continue rising in order to retest the resistance level 0.8739 that may coincide with the channel top line, which if the pair was able to trade above it; the pair will rise targeting the resistance level 0.8832, and if the pair was able to hold above this level it will target 0.8922 resistance level.
This analyze requires the breaking of the resistance level 0.8739 which may coincides with the channel top line.
Res: 0.8766 0.8797 0.8835
Pivot: 0.8728
Sup: 0.8697 0.8659 0.8628
USD/CAD
The pair stood away at the end of the previous week from the resistance level 0.9523 which represents the B point for the AB=CD harmonic pattern that was mentioned before whereas it's inability on breaking it, gave the pair a strong chance to complete the pattern whereas the pair is still on process of forming the last CD wave targeting the support level 0.9261 although of breaking the pair the support level 0.9469 at the end of the previous week which represents the bottom border for the confined area but the pair came back inside the confined area with the beginning of the Asian trades but this doesn't effect on the expectations of declining the pair to complete the pattern targeting the support level 0.9261.
But completing this scenario depends on the stability of the pair below the resistance level 0.9554 which represents the B point.
Res: 0.9516 0.9581 0.9616
Pivot: 0.9481
Sup: 0.9416 0.9381 0.9316
AUD/USD
The AUD/USD pair taking the bullish move as it main direction inside a medium bullish channel lines, where it is expected with the stability of the support level 1.0859 that the pair will continue rising to target the resistance level 1.1050, but if the pair traded under this level with trading under the channel bottom line it will have a bearish move in order t retest the nearest support level that may lead it to the support level 1.0770.
Res: 1.0999 1.1035 1.1095
Pivot: 1.0939
Sup: 1.0903 1.0843 1.0807
ema_cross_rsi_trend_spotter.ex4
Tuesday 24th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The bearish direction is still dominating the price action of the pair for the short-term and the intraday levels as the pair during yesterday trades succeeded to break the support level 1.4070 which the pair is re-testing it now forming a flag pattern that continues the direction. so it is expected that the pair will continue declining during today's intraday trades targeting the support level 1.3970 as the first targets of this bullish move followed by the support level 1.3875 to test it and it is the final target of this pattern.
The stability of these expectations requires the stability of the resistance level 1.4140.
Res: 1.4140 1.4232 1.4318
Pivot: 1.4054
Sup: 1.3962 1.3876 1.3784
Thursday 26th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair had a bullish move during the previous short and medium trades to close the previous trading period above the bearish trend line for the medium and long trades, where the pair is facing 23.6% correction level for the bearish move from 1.4939 to 1.3969, and if the pair was able to trade above this level it will continue rising targeting 1.4265 resistance then 1.4340 that coincides with 38.2% correction level, but in case 23.6% level held it will push down the pair to trade under the bearish trend again retesting the support level 1.4125.
Res: 1.4133 1.4179 1.4239
Pivot: 1.4073
Sup: 1.4027 1.3967 1.3921
Friday 27th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair had a bullish move during the previous trades that reached the expected target for yesterday report at the resistance level 1.4265, facing a bearish trend the pair was able to form during the previous medium trades, which may cause the pair falling in order to retest the nearest support level such as 1.4198 represented by 23.6% correction level for the bearish move from 1.4939 to 1.3969, which depends on the stability of the mentioned resistances, but in case the pair was able to pass 1.4340 resistance level with a good close above the bearish trend, the pair will rise targeting the resistance level 1.4455 represented by 50% correction level.
Res: 1.4224 1.4284 1.4362
Pivot: 1.4146
Sup: 1.4086 1.4008 1.3948
Monday 30th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair had a bullish move during the previous trades that reached 1.4340 resistance coinciding with 38.2% correction level for the bearish move from 1.4939 to 1.3969, to fall from this level facing the broken bearish trend with testing 1.4265 level, if the pair was able to trade above this resistance it will rise targeting 1.4455 resistance represented by 50% correction, but if the pair fall to trade under 1.4265 level it will target the retesting of 23.6% correction around 1.4198 price.
Res: 1.4364 1.4427 1.4546
Pivot: 1.4245
Sup: 1.4182 1.4063 1.400
Tuesday 31st of May 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair had a bullish move during the previous trades that reached above1.4340 resistance that represents 38.2%correction level for the bearish move (from 1.4939 to 1.3969), after falling from this level facing the broken bearish trend with testing 1.4265 level, which pushed the pair to rise targeting 1.4455 resistance represented by 50% correction, but if the pair fall to trade under 1.4265 level, it will target the retesting of 23.6% correction around 1.4198 level.
Res: 1.4318 1.4356 1.4387
Pivot: 1.4287
Sup: 1.4249 1.4218 1.4180
Wednesday 1st of June 2011 GIGFX Technical Analysis Report
EUR/USD
As was expected the EUR/USD pair rose previously to approach the expected resistance level at 50% correction level for the bearish move from 1.4939 to 1.3969, forming a rising bottom at the level 1.4359, which lead the expectations for two possibilities; the first id to rise passing the resistance level 50%, which will push the pair to target 1.4520 resistance, and the second is to hold below 50% correction to break 38.2% level, which will bring more falling for the pair to retest the support level 1.4265.
Res: 1.4453 1.4511 1.4598
Pivot: 1.4366
Sup: 1.4308 1.4221 1.4163
Thursday 2nd of June 2011 GIGFX Technical Analysis Report
EUR/USD
As was expected the EUR/USD pair rose previously to approach the expected resistance level at 50% correction level for the bearish move from 1.4939 to 1.3969, to fall from this level reaching 38.2% level, forming the wave (1.2.3) that suppose to target 1.4415 resistance by passing 50% level, but if the pair was able to trade below 38.2% level, it will fall targeting 1.4198 level that represents 23.6% correction level.
Res: 1.4417 1.4506 1.4554
Pivot: 1.4369
Sup: 1.4280 1.4232 1.4143
Friday 3rd of June 2011 GIGFX Technical Analysis Report
EUR/USD
As was expected the EUR/USD pair rose previously to achieve the expected target for the (1.2.3) wave at the level 1.4515, where the pair was able to trade above 50% correction level for the bearish move from 1.4939 to 1.3969, as if this level held it will push the pair for further rising targeting 61.8% correction level around 1.4568 price, but if the pair traded below this level it will fall in order to retest 38.2% correction around 1.4340 price.
Res: 1.4565 1.4640 1.4769
Pivot: 1.4436
Sup: 1.4361 1.4232 1.4157