GIGFX Daily Economic Analysis - page 11
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Monday 16th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The bearish direction is still dominating the trades of the pair for short-term and intraday levels and as it is noticed, the pair is moving below the bearish trendline expecting more declining but with the probability of rising the pair through the intraday levels of today to re-test the resistance level 1.4160 then it will continue declining targeting the support level 1.3990 during today's intraday levels.
The stability of these speculations requires the stability of the resistance level 1.4160.
Res: 1.4270 1.4441 1.4543
Pivot: 1.4168
Sup: 1.3997 1.3895 1.3724
GBP/ USD
As it was expected through the previous analysis, the pair continued declining for near and medium-term reaching the support level 1.6166 which represents the target of the pattern head and shoulders, this price represents the lowest price during the trades of the last five weeks expecting more declining as dollar rises against all its counterparts, it is expected also that, with breaking the support level 1.6166, the pair will continue declining targeting the level 1.6010 which represents 127% of Fibonacci's continuous level for the bullish move from (1.6166 to 1.6743).
The stability of these speculations requires the stability of the resistance level 1.6235.
Res: 1.6277 1.6371 1.6437
Pivot: 1.6211
Sup: 1.6117 1.6051 1.5957
USD/CHF
As it is noticed through this chart, the pair is moving inside a bullish channel but it faced the resistance level 0.8940 so it is expected that the pair will decline during today's intraday trades targeting the support level 0.8851 which represents the bottom border of the mentioned channel with the probability of testing the pair the resistance level 0.8940.
The stability of these speculations requires the stability of the pair below the resistance level 0.9862 which represents the top border of the channel.
Res: 0.8988 0.9041 0.9137
Pivot: 0.8892
Sup: 0.8839 0.8743 0.8690
USD/CAD
The bullish direction is still dominating the pair direction for the medium and the short-terms whereas the pair is not forming the ( Gartley ) harmonic pattern for the price action which is moving now inside the last CD pattern's wave which targets the resistance level 0.9774 to end the pattern by ending forming this wave therefore it's expected that the pair's bullish scenario will be completed targeting by that rising till the level 0.9774 which represents the C point.
Succeeding this scenario depends on closing the pair above the resistance level 0.9713 which represents the pattern's B point.
Res: 132.9 133.99 134.84
Pivot: 132.05
Sup: 130.96 130.11 129.02
AUD/USD
The AUD/USD pair tested 23.6% correction level for the bullish move from 0.9706 to 1.1011, to fall form this level to continue the previous falling that suppose to target the support level 1.0415 as the pair has formed (1.2.3) bearish wave that suppose to target 1.0415 level by passing down 1.0580 level, but in case this level held as a support level during the upcoming intraday trades; a harmonic pattern may be formed that may push the pair to rise again to retest 1.0888 level.
Res: 1.0677 1.0794 1.0873
Pivot: 1.0598
Sup: 1.0481 1.0402 1.0285
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Tuesday 17th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The bearish direction is still dominating the pair trades for the short-term and intraday levels, it is noticed that the pair is moving inside a bearish channel and it has tested its bottom border at the support level 1.4065 at the beginning of yesterday trades, this level held steady against the pair's testing pushing the pair upside during the intraday levels of yesterday till reached to test the resistance level 1.4235 expecting more declining during today's intraday levels targeting to re-test the support level 1.4065. If the pair succeeded to break this level with stability below it, the pair will target to reach the support level 1.3955 to test it.
The stability of these expectations requires the stability of the resistance level 1.4235.
Res: 1.4251 1.4346 1.4448
Pivot: 1.4149
Sup: 1.4054 1.3952 1.3857
GBP/ USD
Till this moment, the pair is unable to break the support level 1.6166 as the moves are still bearish for short and medium terms, these moves has been formed through moving inside a bearish channel for short and medium-term, it is noticed during the last intraday trades that the pair retested the resistance level 1.6230 and if this level held steady against the pair's testing, a top will be formed that will push the pair to re-test the support level 1.6166 which with its breaking down means more declining targeting the level 1.6010 which represents 127% of Fibonacci's continuous level for the bullish move (From 1.6166 to 1.6743). If the pair succeeded to break up the resistance level 1.6230 it will continue rising till reaches the level 1.6303 coinciding with the top border of the bearish channel.
Res: 1.6243 1.6295 1.6337
Pivot: 1.6201
Sup: 1.6149 1.6107 1.6055
USD/CHF
Yesterday, the pair succeeded to break out the bullish channel by breaking its bottom border at the support level 0.8851 expecting more declining targeting the support level 0.8802 followed by the support level 0.8774 if it was stable below the support level 0.8802, with the probability of re-testing the resistance level 0.8877 which represents the bottom border of the broken channel.
The stability of these expectations requires the stability of the pair below the resistance level 0.8877 which represents the bottom border of the channel.
Res: 0.8923 0.9001 0.9063
Pivot: 0.8861
Sup: 0.8783 0.8721 0.8643
USD/CAD
The pair achieved what was expected yesterday by forming the gartley harmonic pattern therefore it's expected that the bearish scenario will be the pair's scenario targeting the support level 0.9713 which represents the B point and the pair stability below this level which gives the chance for the pair to target the support level 0.9513.
This scenario depends on the pair's stability below the resistance level 0.9774 which represents the pattern's D point.
Res: 0.9787 0.9819 0.9872
Pivot: 0.9734
Sup: 0.9702 0.9649 0.9617
AUD/USD
The AUD/USD pair tested 23.6% correction level for the bullish move from 0.9706 to 1.1011, to fall form this level to continue the previous falling that suppose to target the support level 1.0415 as the pair has formed (1.2.3) bearish wave that suppose to target 1.0415 level by passing the stability of the formed top around the level 1.0640, but in case this level was passed during the upcoming intraday trades; that may push the pair to rise again to retest 1.0888 level.
Res: 1.0624 1.0696 1.0752
Pivot: 1.0568
Sup: 1.0496 1.0440 1.0368
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Wednesday 18th of May 2011 GIGFX Technical Analysis Report
EUR/USD
During the Asian session today, the pair succeeded to break the resistance level 1.4235 which represents 23.6% of Fibonacci's correction level for the last bearish wave for the short-term breaking out of this bearish channel in which it was moving for the short-term and intraday levels, it is expected that, the pair will rise during today's intraday levels targeting the resistance level 1.4385 which represents 38.2% of the same Fibonacci's correction level.
The stability of these expectations requires the stability of the support level 1.4190.
Res: 1.4275 1.4315 1.4392
Pivot: 1.4198
Sup: 1.4158 1.4081 1.4041
Thursday 19th of May 2011 GIGFX Technical Analysis Report
EUR/USD
During the Asian session today, the pair succeeded to break the resistance level 1.4235 which represents 23.6% of Fibonacci's correction level for the last bearish wave for the short-term breaking out of this bearish channel in which it was moving for the short-term and intraday levels. it is expected that the pair will rise during today's intraday levels targeting the resistance level 1.4385 which represents 38.2% of the same Fibonacci's correction level followed by the level 1.4495 which represents 50.0% of Fibonacci's correction level for the same mentioned levels for the last near-term bearish wave.
The stability of these expectations requires the stability of the support level 1.4190.
Res: 1.4291 1.4334 1.4382
Pivot: 1.4243
Sup: 1.4200 1.4152 1.4109
Friday 20th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The pair succeeded to end yesterday dealings rising as it was expected through the last analysis but it is noticed that a bullish wedge has been formed that shifts this direction, this expresses weakness of this bullish direction for the short-term and intraday levels so it is expected that the pair may decline during the intraday trades of today but breaking the support level 1.4260 is needed as a confirmation for this declining, this confirms breaking the pair out of this formed pattern to target then the support level 1.4060 to test it.
The stability of these expectations requires the stability of the resistance level 1.4390.
Res: 1.4352 1.4398 1.4471
Pivot: 1.4279
Sup: 1.4233 1.4160 1.4114
Friday 15th of April 2011 Daily Technical Analysis Report
EUR/USD
The bullish direction is still dominating the price action of the pair for the short and the medium-term and it is noticed that it is moving inside a bullish channel, yesterday the pair tested the bottom border of the channel at the support level 1.4410 from which it reflected upside expecting more rising during today's intraday trades targeting the resistance level 1.4625 but under the condition of breaking the strong resistance level 1.4510.
The stability of the expectations requires the stability of the support level 1.4410.
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.
Yesterday analysis is still remaining
Res: 1.6403 1.6456 1.6531
Pivot: 1.6328
Sup: 1.6275 1.6200 1.6147
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 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.
Yesterday analysis is still remaining
Res: 0.8993 0.9023 0.9056
Pivot: 0.8960
Sup: 0.8930 0.8897 0.8867
USD/CAD
As noticed in the chart, during the previous trades for the medium-term the pair formed a bullish channel therefore it's expected that the pair will continue the bullish scenario inside this channel till reaching the resistance level 0.9678 which represents the top border for the previous mentioned channel.
But if the pair is able to break the support level 0.9607 which represents the lower border for the channel with stability below it, the pair will change it's bearish direction till reaching the support level 0.9549.
Res: 0.9652 0.9697 0.9727
Pivot: 0.9622
Sup: 0.9577 0.9547 0.9502
AUD/USD
As noticed in the chart, the bullish direction is still dominating the pair direction for the medium and the short-terms whereas the harmonic pattern which is the ( AB=CD ) butterfly pattern is formed on the price action which is now moving in the last wave for the CD rib which targets the resistance level 1.0686 to end the pattern by forming this wave therefore it's expected that the bullish scenario will be continued ( with the probability of retesting the support level 1.0464) but confirming this pattern the pair must break the resistance level 1.0569 which represents the B point with stability above it.
Succeeding this scenario; the pair must break the resistance level 1.569 and the stability above it which represents the B point.
Res: 1.0574 1.0607 1.0666
Pivot: 1.0515
Sup: 1.0482 1.0423 1.0390
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Monday 18th of April 2011 Daily Technical Analysis Report
EUR/USD
It is noticed through this chart that the pair formed a confusion area between the resistance level 1.4519 and the support level 1.4401, at the beginning of this week's trades the pair registered a bearish gab that pushed the pair downside breaking the bottom border of the confusion area as the bottom border represents 23.6% of Fibonacci's correction level for the bullish move (from 1.4020 to 1.4519) so it is expected that the pair will continue declining targeting the level 1.4269 which represents the target of breaking out this confusion area and at the same time represents 50.0% of the same Fibonacci's correction level. In order to reach this level, the pair should break the support level 1.4228.
The stability of these expectations requires the stability of the resistance level 1.4401.
Res: 1.4491 1.4554 1.4604
Pivot: 1.4441
Sup: 1.4378 1.4328 1.4265
GBP/ USD
At the end of the last week trades and at the beginning of this week trades, the pair declined after tried to test the resistance level 1.6425 that the pair was unable to test expecting to form (gartley) harmonic pattern and the pair now is moving in the last wave of this pattern targeting the support level 1.6180 which represents the point D for the pattern and also coincides with 50.0% of Fibonacci's correction level for the bullish wave XA, this coinciding supports the strength of the pattern but it is needed to strong confirmation by breaking the support level 1.6240 which represents the point B for the pattern and also represents 38.2% of the same Fibonacci's correction level.
The stability of these expectations requires the stability of the resistance level 1.6310.
Res: 1.6351 1.6402 1.6432
Pivot: 1.6321
Sup: 1.6270 1.6240 1.6189
USD/CHF
The pair is still moving inside a bearish channel for the short and the medium-term, the existence of a positive divergence is noticed and this reflects the bearish direction, so it is clear that the pair is rising trying to break the top border of the bearish channel and if the pair succeeded to do so, it will continue rising till reach the level 0.9065 which represents the target of breaking out the bearish channel and at the same time represents 38.2% of Fibonacci's correction level for the bearish move (from 0.9339 to 0.8896).
The stability of these expectations requires the stability of the support level 0.8896.
Res: 0.8952 0.8976 0.8994
Pivot: 0.8934
sup: 0.8910 0.8892 0.8868
USD/CAD
As noticed in the chart that the pair has broken the bearish channel which was mentioned in the end of the last week therefore it's expected that during the intraday trades the pair will try to retest the resistance kevel 0.9637 which represents the bottom border for the bearish channel then trying to test the support level 0.9586 and the stability below it therefore the pair will continue declining till reaching the support level 0.9553.
This expectation depends on the stability of the resistance level 0.9634.
Res: 0.9635 0.9670 0.9692
Pivot: 0.9613
Sup: 0.9578 0.9556 0.9521
AUD/USD
As expected in the previous reports that the pair continue rising till it retested the resistance level 1.0580, this bullish move continued inside the mentioned bullish channel, the pair was unable to break the mentioned resistance level to form a new top which is the second consecutive top at the same level to be provided by that one of the conditions of the reflective pattern for the bullish direction ( double tops ) and the base of the pattern is at the support level 1.0425, if the pair is able to break the lower border for the bullish channel that will give the new confirmation on remaining a complete pattern, whereas the pair will continue declining to reach the targeted price at the support level 1.0270.
This expectation depends on the stability of the resistance level 1.0580.
Res: 1.0590 1.0617 1.0657
Pivot: 1.0550
Sup: 1.0523 1.0483 1.0456
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Tuesday 19th of April 2011 Daily Technical Analysis Report
EUR/USD
As it was expected through yesterday report, the pair continued its corrective declining as it continued declining till reached the level 1.4269 which represents the target of exiting the confusion area and at the same time represents 50.0% of Fibonacci's correction level for the bullish move (from 1.4020 to 1.4519), the pair was able to break this level as it is trading now above the support level 1.4211 which represents 61.8% of the same Fibonacci's level for the same bullish move, it is expected that the pair will continue declining till reach the level 1.4138 followed by the level 1.4020.
The stability of these expectations requires the stability of the resistance level1.4350.
Res: 1.4385 1.4535 1.4649
Pivot: 1.4271
Sup: 1.4121 1.4007 1.3857
GBP/ USD
At the end of the last week trades and at the beginning of this week trades, the pair declined after tried to test the resistance level 1.6425 that the pair was unable to test expecting to form (gartley) harmonic pattern and the pair now is moving in the last wave of this pattern targeting the support level 1.6180 which represents the point D for the pattern and also coincides with 50.0% of Fibonacci's correction level for the bullish wave XA, this coinciding supports the strength of the pattern but it is needed to strong confirmation by breaking the support level 1.6240 which represents the point B for the pattern and also represents 38.2% of the same Fibonacci's correction level.
The stability of these expectations requires the stability of the resistance level 1.6310.
Res: 1.6339 1.6413 1.6500
Pivot: 1.6252
Sup: 1.6178 1.6091 1.6017
USD/CHF
Yesterday trades for the USD/CHF pair saw exiting the trades out of the bearish channel for the near and the medium-term as it was expected through yesterday report so that, it is expected that the pair will continue its corrective rising targeting to reach the level 0.9065 which represents the target of exiting out of the bearish channel and at the same time represents 38.2% of Fibonacci's correction level for the bearish move (from 0.9339 to 0.8896).
The stability of these expectations requires the stability of the support level 0.8896.
Res: 0.9006 0.9049 0.9100
Pivot: 0.8955
Sup: 0.8912 0.8861 0.8818
USD/CAD
As noticed in the chart that during the previous medium-term trades the pair rose inside the bullish channel although trying it to break the channel yesterday but it's expected that the pair will continue rising during the intraday trades till testing the resistance level 0.9708 which represents the top border for the channel.
But if the pair breaks the resistance level 0.9629 which represents the bottom border for the channel and the stability below this level therefore the pair will target the support level 0.9590 then the resistance level 0.9544.
Res: 0.9712 0.9783 0.9846
Pivot: 0.9649
Sup: 0.9578 0.9515 0.9444
AUD/USD
During yesterday trades the pair was able to break the bottom border for the bullish channel continuing declining giving the first confirmation on remaining a reflective bullish ( double consecutive tops ) divergence pattern, the pair is targeting to reach the support level 1.0425 which represents the base of the pattern which forming breaking it down, the last confirmation on remaining the pattern, if the pair is able to break the base of the pattern therefore it will continue declining reaching the targeted area which is confined between the level 1.0285 and the level 1.0245 which represents 38.2% Fibonacci retracement correction level for the bullish direction ( from 0.9705 to 1.0580 ).
This expectation depends on the stability of the resistance level 1.0510.
Res: 1.0567 1.0628 1.0685
Pivot: 1.0510
Sup: 1.0449 1.0392 1.0331
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Wednesday 20th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
Yesterday trades saw a lot of bullish positions on the European currency against the dollar; these bullish positions were supported by the positive European economic data. through this chart it is noticed that the trades are holding above the bullish trendline for the long-term and also were above the support level 1.4211 which represents 61.8% of Fibonacci's correction level for the bullish move (from 1.4020 to 1.4519) so that the pair formed a bottom and used it to rise to re-test the nearest resistance level, one of them is the level 1.4401 which was representing a support level for a confusion area, if these bullish positions continued the pair may be able to break the resistance level 1.4401 up then it will continue rising targeting the next resistance level 1.4519.
The stability of these expectations requires the stability of the support level 1.4350.
Res: 1.4389 1.4444 1.4536
Pivot: 1.4297
Sup: 1.4242 1.4150 1.4095
GBP/ USD
On the contrary of what was expected in yesterday report, the support level 1.6250 held against the pair testing for the second straight time and this resulted in rising the pair forming a sideways movement for the near-term between the resistance level 1.6425 and the support level 1.6250 expecting more rising during today's intraday trades targeting the resistance level 1.6425 which coincides with the medium border of the bullish pitchfork channel.
The stability of these expectations requires the stability of the support level 1.6250.
Res: 1.6355 1.6397 1.6460
Pivot: 1.6292
Sup: 1.6250 1.6187 1.6145
USD/CHF
The pair was unable to break the resistance level 0.9001 and formed a new top at the same level, with forming this top the existence of a negative divergence that shifts the bullish direction for the near-term is noticed. so it is expected that the pair will return to decline for the medium-term targeting to test the support level 0.8896 which with its breaking down the pair will continue declining till reaches the level 0.8827 which represents 161.8% of Fibonacci's continuous level for the bullish move (from 0.8896 to 0.9007).
The stability of these expectations requires the stability of the resistance level 0.9001.
Res: 0.9022 0.9045 0.9084
Pivot: 0.8983
Sup: 0.8960 0.8921 0.8898
USD/CAD
As noticed in the chart that yesterday the pair broke the support level 0.9634 which represents the lower border for the bullish channel till the pair became between the resistance level 0.9571 which represents 76.4% Fibonacci retracement correction level and the support level 0.9523 which represents the mentioned starting point for the bullish channel.
As noticed, the pair is trying to break the support level 0.9571 and the stability below this level will make the pair continue declining till the support level 0.9470 which represents 127.0% Fibonacci retracement correction level.
But in case of retesting the pair to the resistance level 0.9571 and the stability of the pair above it,then the pair will target the resistance level 0.9571 which represents 61.8%from the same mentioned Fibonacci retracement correction levels.
Res: 0.9633 0.9708 0.9751
Pivot: 0.9590
Sup: 0.9515 0.9472 0.9397
AUD/USD
A new bottom has been formed during yesterday trades near to the support level 1.0425, this bottom pushed the pair to rise again trying to break the resistance level 1.0580, therefore the probability of remaining the reflective divergence which was mentioned through the previous reports ends, if the resistance level 1.0580 is broken; the pair will continue rising till reaches the level 1.0627 then the level 1.0692 which represents 127% and 161.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0580 to 1.0385 ).
This expectation depends on the stability of the resistance level 1.0510.
Res: 1.0554 1.0586 1.0642
Pivot: 1.0498
Sup: 1.0466 1.0410 1.0378
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Friday 22nd of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
During yesterday trades the pair continued rising before forming a top at the level 1.4648, this top pushed the pair downside to re-test the nearest support levels, the pair continued declining till reached the support level 1.4519 forming a bottom that is expected to be bullish bottom for the near-term, the pair rose from this bottom targeting to re-test the level 1.4648 which with its breaking the pair will continue rising till reach the level 1.4743 which represents 161.8% of Fibonacci's continuous level for the bearish move (from 1.4519 to 1.4157).
The stability of these expectations requires the stability of the support level 1.4519.
Res: 1.4631 1.4711 1.4774
Pivot: 1.4568
Sup: 1.4488 1.4425 1.4345
GBP/ USD
As it was expected through yesterday report, the pair rose inside the pitchfork channel as it broke up the middle rib of this channel expecting more rising during today's intraday trades targeting the resistance level 1.6660 which coincides with the top border of this channel.
The stability of these expectations requires the stability of the support level 1.6495.
Res: 1.6451 1.6496 1.6568
Pivot: 1.6379
Sup: 1.6334 1.6262 1.6217
USD/CHF
As it was expected through yesterday report, the pair continued declining registering new historical records as it reached the level 0.8827 which was unable to be stable against the pair's strong declining which remained till the level 0.8786 which represents 200% of Fibonacci's continuous level for the bullish move (from 0.8896 to 0.9007), the pair formed a bottom at this level and pushed from it upside to re-test the nearest resistance levels, the pair is trading around the level 0.8866 and if it succeeded to break this level up it will continue rising till reach the level 0.900, but the pair is expected to form a top that will force it to return declining to re-test the support level 0.8786 which with its breaking down the pair will target the level 0.8718 which represents 261.8% of Fibonacci's continuous level for the same mentioned bullish move.
The stability of these expectations requires the stability of the resistance level 0.8866.
Res: 0.8908 0.8956 0.9020
Pivot: 0.8844
Sup: 0.8796 0.8732 0.8684
USD/CAD
The bearish direction is still dominating the pair direction for the medium and the short-terms whereas forming the harmonic pattern AB=CD is still in process due to the price movement, it's moving now to form the last CD wave which is targeting the support level 0.9261 to end the pattern by finishing forming this wave therefore it's expected that the pair will continue declining with the probability of retesting the resistance level 0.9524 which represents the B point for the formed pattern.
Success of this scenario depends on the stability of the resistance level 0.9524 which represents the B point.
Yesterday analysis is still remaining
Res: 0.9559 0.9589 0.9643
Pivot: 0.9505
Sup: 0.9475 0.9421 0.9391
AUD/USD
Registering new records for the AUD/USD pair is still remaining till now, the pair achieved the highest price during yesterday trades at 1.0773, a top will be formed which will push the pair down retesting the support level 1.0725, if a bottom is formed at this level therefore it's expected that there's a bullish move again during the next trades by reaching the level 1.0795 which represents 26.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0577 to 1.0442 ).
This expectation depends on the stability of the support level 1.0725.
Res: 1.0787 1.0829 1.0885
Pivot: 1.0731
Sup: 1.0689 1.0633 1.0591
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