GIGFX Daily Economic Analysis - page 16
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Tuseday 22-02-2011 GIGFX Technical Analysis Report
EUR/USD
Yesterday and during the beginning of this week's trades, the pair did not achieve a price higher than 1.3716 $ whereas this price was the highest achieved price during the trades of the last week, and that’s why yesterday trades were narrow which reflects the collecting of the needed momentum that will indicate the next direction of the upcoming trades. It is noticed through the Asian period trades a strong declining which pushed the pair to break the bottom boarder of the bullish channel in which the pair was moving between its boarders for the near-term, whereas the pair now is testing the key support 1.3572 which represents 50% Fibonacci's correction level for the uptrend (from 1.3528 to 1.3716) and which coincides with the broken bearish trend line for the medium-term. If the pair succeeded to break this area this means that, the pair is tending to continue this bearish move targeting the level 1.3465 which represents the target of getting out of the range of this bullish channel.
Res: 1.3561 1.3423 1.3431
Pivot: 1.3553
Sup: 1.3691 1.3683 1.3821
GBP/ USD
Yesterday, the pair failed to break the mentioned key resistance 1.6275, the pair reflected down breaking the key support 1.6150 which represents 23.6% Fibonacci's correction level for the last medium-term bullish wave with expectations of more declining during today's intraday trades targeting the key support 1.6075 which represents 38.2% Fibonacci's correction level but under the condition of holding the pair steady below the level 1.6150.
The stability of these expectations requires the stability of the key resistance 1.6275.
Res: 1.6288 1.6331 1.6400
Pivot: 1.6219
Sup: 1.6176 1.6107 1.6064
USD/CHF
During the trades of the last days, the pair formed the inverted flag pattern, so the expected direction is the bearish one but under the condition of breaking the bottom boarder of this inverted flag pattern and then the pair will target and break the key support 0.9424 with stability below, this will push the pair down to reach the key support 0.9371.
The stability of these expectations requires the stability of the key resistance 0.9508.
Res: 0.9516 0.9578 0.9618
Pivot: 0.9476
Sup: 0.9414 0.9374 0.9312
USD/CAD
The pair is taking a sideway direction inside this sideways channel which is between the resistance level 0.9868 and the support level 0.9820 but it's clear that the pair will target the bullish direction and this is because of forming the pair the double consecutive bottoms pattern at the support level 0.9820 but the neckline for the pattern must be broken which also coincides with the upper line for the sideways channel at the resistance level 0.9868.
This expectation depends on the stability of the support level 0.9820.
Res: 0.9885 0.9907 0.9941
Pivot: 0.9851
Sup: 0.9829 0.9795 0.9773
AUD/USD
The pair hasn't recorded a price above the level 1.0155 during yesterday trades ending with this the probability of reaching the level 1.0180 which represents the targeted price for the double consecutive pattern, whereas the pair has pushed down breaking the support level 1.0071 which represents the top of the pattern to confirm by this on returning the pair again to form a new bearish direction for the short-term whereas it's expected that the bearish move will be continued during the next trades towards the confined support area which is between the level 0.9960 and the level 0.9943 which is expected to coincide at it the price with the bullish trend line for the long-term.
This expectation depends on the stability of the resistance level 1.0085.
Res: 1.0170 1.0196 1.0238
Pivot: 1.0128
Sup: 1.0102 1.0060 1.0034
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Wednesday 23-02-2011 GIGFX Technical Analysis Report
EUR/USD
Yesterday trades saw a remaining decline for the pair till reached the area of re-testing the medium-term bearish trendline that has been broken up whereas, reflective candles has been formed for this decline coincides with the trendline, the pair formed a bottom that is expected to be a bullish one for the medium-term. during the last intraday trades, the pair used this bottom to rise again in order to test the key resistance 1.3716 which with its breaking up, the pair will continue rising targeting the level 1.3767 which represents 127% Fibonacci's continuous level for the bearish wave (1.3716 to 1.3526) then to the next level at 1.3833 which represents 161.8% Fibonacci's continuous level for the same mentioned bearish wave.
The stability of these expectations requires the stability of the key support 1.3643.
Res: 1.3726 1.3803 1.3903
Pivot: 1.3626
Sup: 1.3549 1.3449 1.3372
GBP/ USD
The key resistance 1.6260 is still holding steady against the confirmation of rising the pair for the medium and long-term whereas, the pair reflected down after testing this level reaching the lowest price during yesterday trades at 1.6100, this indicates a corrective approaching bearish direction for the intraday levels, now the pair seems looking for a top that supports this corrective direction during today's intraday trades and it is supposed to be around the key resistance 1.6195, and it is not recommended to have any bearish positions only if the pair broke the key support 1.6155 in order to confirm the tendency of the pair to continue declining during today's intraday trades targeting the key support 1.5990.
The stability of these expectations requires the stability of the key resistance 1.6260.
Res: 1.6254 1.6283 1.6309
Pivot: 1.6228
Sup: 1.6199 1.6173 1.6144
USD/CHF
The bearish direction is still dominating the pair's move for the near and medium-term, this direction has been formed through the move between the boarders of a bearish channel. during the upcoming trades, the pair is in its way to test the important key support 0.9325 then, if the pair succeeded to break this level with a good close below, the pair will continue forming the bearish direction targeting to reach the level 0.9204 which represents 127% Fibonacci's continuous level for the bullish move (from 0.9325 to 0.9774). But if the pair succeeded to form a bottom above this important support level, the pair will try to rise again to test the key resistance 0.9431.
Res: 0.9472 0.9558 0.9611
Pivot: 0.9419
Sup: 0.9333 0.9280 0.9194
USD/CAD
It's noticed that the pair is moving towards a bearish direction below the bearish trend line which was started at the level 1.0045, therefore from the expected that during the intraday trades the pair will decline and it seems that the pair is ready to test the support level 0.9868 which represents 23.6 Fibonacci retracement correction level for the last bearish wave for the medium-term, breaking this level and the stability of it will give the opportunity for the pair in order to complete the bearish direction till it reaches the support level 0.9813 at which a bottom was formed at it before.
This expectation depends on the stability below the bearish direction line at the resistance level 0.9909.
Res: 0.9941 0.9977 1.0037
Pivot: 0.9881
Sup: 0.9845 0.9785 0.9749
AUD/USD
The pair continued declining as was mentioned in yesterday report till it reached the support area between the level 0.9960 and the level 0.9943, the pair has formed a new bottom on the limits of this area which will use it the pair to rise during the last intraday trades to retest the nearest resistance levels, whereas the pair is now trying to retest the resistance level 1.0071 which with breaking it up; it means a further rise till the next resistance level at 1.0101.
This expectation depends on the stability of the support level 0.9960.
Res: 1.0065 1.0144 1.0194
Pivot: 1.0015
Sup: 0.9936 0.9886 0.9807
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Tuesday 28th of June 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD formed a bottom previously at the support level 1.4105 to rise from this level approaching 38.2% correction level for the bearish move from 1.4940 to 1.3968 with the bearish trend line for the previous long trades, as if these resistances held it will push the pair to fall targeting 1.4198 price that coincide with 23.6% correction level then the previous bottom 1.4105, but the breaking of 1.4340 resistance will bring more rising for the pair targeting 1.4455 resistance that coincide with 50% correction level.
Res: 1.4351 1.4415 1.4539
Pivot: 1.4227
Sup: 1.4163 1.4039 1.3975
Wednesday 29th of June 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair rose yesterday breaking the medium bearish trend line and trading above 1.4340 level that represents 38.2% correction level for the bearish move from 1.4940 to 1.3968, to lead the expectations for further rising for the pair targeting the resistances 1.4455 represented by 50% correction level then 1.4570 represented by 61.8% correction level, which requires the stability of the current support level 1.4340.
Res: 1.4431 1.4493 1.4590
Pivot: 1.4334
Sup: 1.4272 1.4175 1.4113
Thursday 30th of June 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair rose yesterday breaking the medium bearish trend line approaching 1.4570 resistance level that coincide with 61.8% correction level for the bearish move from 1.4940 to 1.3968, as if this level held it will push down the pair to fall searching to retest a good support level such as 1.4455 that represent 50% correction level then 1.4340 that represent 38.2% correction level, but breaking up 1.4570 resistance will push the pair for further rising targeting 1.4711 resistance level that represent 76.4% correction level.
Res: 1.4474 1.4515 1.4583
Pivot: 1.4406
Sup: 1.4365 1.4297 1.4256
Monday 4th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The pair continued rising during the trades of the last week reaching the resistance level 1.4550 which represents 76.4% of fibonacci's correction level for the last mid-term bearish wave forming a gartley harmonic pattern, this level is important because it is supposed to be the end of this negative pattern this led to the expectation that if this level held against the pair testing it will reflect but any bullish position are no recommended until the pair broke the support level 1.4470 during today's intraday trades with stability below it, if this expectation confirmed the pair will decline targeting the support level 1.4290 which represents 61.87% of fibonacci's correction level for the wave CD.
The stability of these expectations requires the stability of the resistance level 1.4550.
Res: 1.4574 1.4619 1.4688
Pivot: 1.4505
Sup: 1.4460 1.4391 1.4346
Tuesday 5th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The pair continued rising during the trades of the last week reaching the resistance level 1.4570 which represents 76.4% of fibonacci's correction level for the last mid-term bearish wave forming a Gartley harmonic pattern, this level is supposed to be the end of this negative pattern which coincides with 61.8% correction level for the bearish move from 1.4940 to 1.3968 leading the expectations for a possible declining that will be confirmed by breaking the support level 1.4455 represented by 50% correction level targeting 1.4340 represented by 38.2% correction, but if the pair was able to trade above 1.4570 level it will rise to target 1.4711 resistance that represents 76.4% correction level.
The stability of these expectations requires the stability of the resistance level 1.4570.
Res: 1.4579 1.4618 1.4660
Pivot: 1.4537
Sup: 1.4498 1.4456 1.4417