GIGFX Daily Economic Analysis - page 18
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Friday 22nd of July 2011 GIGFX Technical Analysis Report
EUR/USD
Yesterday, EUR/USD pair succeeded to achieve more gains after breaking the resistance level 1.4280 which represents the point B for the previously mentioned Gartley harmonic pattern then continued rising ending the pattern by completing the wave CD which is supposed to target the resistance level 1.4460, indeed, the pair is about to reach this level, so it is not recommended to have bullish positions until the pair breaks the resistance level 1.4660 with stability above it to target then the resistance level 1.4555.
It is important to notice that there is a possibility to begin a corrective move for the bullish direction for near-term if the resistance level 1.4460 held to re-test at then the level 1.4280.
Res: 1.4525 1.4626 1.4819
Pivot: 1.4332
Sup: 1.4231 1.4038 1.3937
Monday 25th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The bullish direction is still dominant on EUR/USD pair for the short-term trades, the resistance level 1.4400 which represents 76.4% Fibonacci retracement correction level for the medium-term last bearish wave is still stable against testing the pair for it, reflecting the pair down is noticed expecting for it a further corrective drop during the intraday trades targeting the support level 1.4295 which represents 61.8% from the same previous mentioned Fibonacci retracement correction levels before completing the short-term bullish direction.
So it's recommended, not to enter any buying operations for the EUR/USD pair but only in case of breaking the resistance level 1.4400 which with breaking it and having a good close above it, the resistance level 1.4520 will be targeted.
Res: 1.4426 1.4489 1.4540
Pivot:1.4375
Sup: 1.4312 1.4261 1.4198
Tuesday 26th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD broke the resistance level 1.4400 in today's trades which represents 76.4% Fibonacci retracement correction level for the last bearish wave for the medium-term as what was mentioned yesterday which pushed the pair to reach the resistance level 1.4520 which is it's first target for this breaking, so a further rise is expected during the intraday trades targeting the resistance level 1.4575 and this level is the medium-term bearish wave beginning point.
This scenario depends on the stability of the support level 1.4400.
Res: 1.4420 1.4464 1.4512
Pivot: 1.4372
Sup: 1.4328 1.4280 1.4236
Wednesday 27th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The bullish direction is still dominant on the EUR/USD pair direction for the short-term and the intraday levels; the price action is forming the reversal bullish direction wedge pattern therefore be careful for any bullish operations for the pair only in case of breaching of the resistance level 1.4530 which could be able to have a good close above, so it will immediately target the resistance level 1.4575.
but in case of the pattern's stability against the price movement and declining the pair down with breaching the support level 1.4400, this indicates a beginning of a new period for the price movement downwards targeting the support level 1.4295 as it's first target for this formed pattern.
Res: 1.4570 1.4631 1.4737
Pivot: 1.4464
Sup: 1.4403 1.4297
Thursday 28th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD declined yesterday breaking the formed bullish wedge pattern's lower border which reverses the direction, it's observed now that the pair is trying to retest the resistance level 1.4400, a further drop is expected during the intraday trades targeting the support level 1.4295.
In order to confirm this information, the resistance level 1.4400 must be stable.
Res: 1.4490 1.4612 1.4687
Pivot: 1.4415
Sup: 1.4293 1.4218 1.4096
Friday 29th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The formed bullish wedge pattern is continuing pressing on the EUR/USD pair which leads it to continue declining, it's trading now below the support level 1.4295 which coincides with 61.8% Fibonacci retracement correction level for the last medium-term bearish wave if the pair is able to close below this level so a further drop is expected for the pair to target the support level 1.4120 which represents the formed pattern target and also which coincides with 38.2% from the same previous mentioned Fibonacci retracement correction levels.
In order to confirm this information, the resistance level 1.4400 must be stabile.
Res: 1.4402 1.4474 1.4548
Pivot: 1.4328
Sup: 1.4256 1.4182 1.4110
Thursday 4th of August 2011 GIGFX Technical Analysis Report
EUR/USD
During yesterday trades, EUR/USD pair was able to achieve some gains by reaching the resistance level 1.4370 which represents 23.6% Fibonacci retracement correction level for the last medium-term bullish wave which also coincides with testing the bearish channel's top border, the pair is moving inside a bearish channel during the short-term trades so it's expected a probability on reversing the pair down targeting the support level 1.4190 but firstly it must break the support level 1.4270 with a good close below it.
This scenario depend son the stability of the resistance level 1.4370.
Res: 1.4396 1.4470 1.4596
Pivot: 1.4270
Sup: 1.4196 1.4070 1.3996
AUD/USD
The AUD/USD pair continued declining during the previous trades after the pair was able to break down 1.0790 to reach during the current trades the support level 1.0650, the stability of the resistance level 1.0790 keeps the pair moving bearishly, which supports the breaking of the current support level 1.0650 to target then 1.0560 support, with a chance that the pair may retest the resistance level 1.0790.
The stability of these expectations requires the stability of the resistance level 1.0790.
Res: 1.0799 1.0845 1.0906
Pivot: 1.0738
Sup: 1.0692 1.0631 1.0585
Friday 5th of August 2011 GIGFX Technical Analysis Report
EUR/USD
As was expected yesterday that, the EUR/USD pair fell down broking the support level 1.4190 which represents 50% Fibonacci retracement correction level for the last medium-term bullish wave reaching the level 1.4105 which represents 61.8% from the same previous mentioned Fibonacci retracement correction levels expecting for it to continue declining during the intraday trades targeting the support level 1.4003 which coincides with 76.4% from the same previous mentioned Fibonacci retracement correction levels but it must continue trading below the level 1.4105.
This scenario depends on the stability of the resistance level 1.4190.
Res: 1.4276 1.4463 1.4556
Pivot: 1.4183
Sup: 1.3996 1.3903 1.3716
GBP/ USD
On the contrary of what was expected yesterday, the GBP/USD pair declined while all dollar's counterparts were declining also, it is noticed that the pair broke the bottom border of the diamond pattern confirming the strength of its declining which remain to the limits of the level 1.6225 which represents the point B of the harmonic pattern AB=CD which is in the forming stage, it is expected that the pair will continue forming the bearish rib CD during the upcoming trades which will be conformed after breaking the level 1.6225 then the pair will continue declining targeting the level 1.6184 which represents the point D that completes the harmonic pattern, if the pair succeeded to break the support level 1.6184 it will continue declining targeting the support next level at 1.6115 which represents 76.4% of fibonacci's correction level for the bullish move (from 1.6004 to 1.6475).
The stability of these expectations requires the stability of the resistance level 1.6320.
Res: 1.6380 1.6505 1.6573
Pivot: 1.6312
Sup: 1.6187 1.6119 1.5994
USD/CHF
After the USD/CHF pair faced the resistance level 0.7787 previously the pair fell to face 0.7605 support level during the current trades as was expected, as if the pair tends to continue this bearish movement it must break 0.7605 level to target then the support level 0.7425, but the stability of the mentioned support level will push the pair to rise back in order to retest 0.7787 resistance level.
Res: 0.7748 0.7860 0.7921
Pivot: 0.7687
Sup: 0.7575 0.7514 0.7402
USD/CAD
After the USD/CAD pair rose and achieved the mentioned targets through yesterday analysis, it is expected that it will continue rising targeting the resistance level 0.9904 which represents 100% of fibonacci's continuous level for the bearish direction and if the pair held above this level it will target the resistance level 1.0042 which represents 127% of fibonacci's continuous level.
The stability of these expectations requires the stability of the pair above the support level 0.9791.
Res: 0.9882 0.9954 1.0095
Pivot: 0.9741
Sup: 0.9669 0.9528 0.9456
AUD/USD
The AUD/USD pair continued its bearish movement breaking a lot of levels ending by trading below 1.0525 level and facing 1.0410 support level, generally the pair remain the bearish direction as its main direction with a good chance that the pair may rise back to retest the nearest resistances such 1.0525 and 1.0650, but trading below 1.0410 will push down the pair for further falling targeting 1.0310 support level.
Res: 1.0674 1.0886 1.0995
Pivot: 1.0565
Sup: 1.0353 1.0244 1.0032
Monday 8th of August 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair rose up violently during the previous week trades after testing the bearish channel's lower border which the price was moving inside it fast and violent which led on breaking the level 1.4270 which represents 38.2% Fibonacci retracement correction level for the last medium-term bullish wave and also coincides with the bearish channel's top border which led on getting out the pair from this channel expecting for it a further rise during the intraday trades which supports this view is opening the pair a price gap up which declined during the Asian trades till now to close this price gap, and it had already succeeded on closing it and reflecting up testing the resistance level 1.4357 which represents 23.6% from the same previous mentioned Fibonacci retracement correction levels, which if it succeeded on breaking this level and closed a good close above it so the pair will reach the resistance level 1.4445.
This scenario depends on the stability of the support level 1.4270.
Res: 1.4371 1.4454 1.4611
Pivot: 1.4214
Sup: 1.4131 1.3974 1.3891
AUD/USD
The AUD/USD pair continued its bearish movement breaking a lot of levels ending by trading below 1.0420 level and facing 1.0310 support level as was expected for the previous trades, generally the pair remain the bearish direction as its main direction with a good chance that the pair may rise back to retest the nearest resistances such 1.0420 and 1.0525, but trading below 1.0310 will push down the pair for further falling targeting 1.0250 support level.
Res: 1.0532 1.0604 1.0683
Pivot: 1.0453
Sup: 1.0381 1.0302 1.0230