GIGFX Daily Economic Analysis - page 21
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Wednesday September 14th 2011 GIGFX Technical Analysis Report
EUR/USD
As was expected through the previous report, yesterday EUR/USD trades was bullish for the second consecutive day, whereas testing the resistance level 1.3747 was expected, to form a bearish top at this level pushed the pair down during the last intraday trades, between declining and rising it's observed that the pair is forming a bearish flag pattern which came to support forming the bearish directions, in condition; the flag's lower border must be broken and having a good close below it then the pair will test the support level 1.3500 which represents breaking it down, this indicates a further drop till the support level 1.3398 which represents 161.8% Fibonacci continuous bullish direction (from 1.3837 to 1.4548), this bearish scenario depends on the stability of the resistance level 1.3747 breaking this level up with breaking the bearish trend line means an initial rise till the next resistance level at 1.3900.
Res: 1.3758 1.3839 1.3939
Pivot: 1.3658
Sup: 1.3577 1.3477 1.3396
AUD/USD
The AUD/USD pair failed to break the resistance level 1.0360 which represents 50.0% of fibonacci's correction level for the last bullish wave (From 0.9930 to 1.0760) the pair formed many tops at this level which pushed the pair to decline breaking the level 1.0245 0360 which represents 50.0% of fibonacci's correction level for the last bullish wave, it is expected that the pair will continue declining targeting the level 1.0125 which represents 76.4% of fibonacci's correction level.
The stability of these expectations requires the stability of the resistance level 1.0245.
Res: 1.0369 1.0428 1.0483
Pivot: 1.0314
Sup: 1.0255 1.0200 1.0141
Thursday September 15th 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair continues rising inside the bearish flag pattern as was expected, yesterday trades saw a new bullish move for the third consecutive day, the pair rose up testing the resistance level 1.3747 achieving the highest price for yesterday trades at the level 1.3783 without closing above the level 1.3747, it's expected that the pair will test the pattern's lower border trying to break it down to continue declining initially till the level 1.3500 but this scenario depends on the stability of the resistance area which is between the level 1.3747 and 1.3783 which coincides at it the medium-term bearish trend line, breaking this area means continuing the bullish move till the resistance level 1.3900.
Res: 1.3828 1.3901 1.4020
Pivot: 1.3709
Sup: 1.3636 1.3517 1.3444
AUD/USD
The AUD/USD pair is moving inside the reversal bearish wedge pattern and rose till reached the level 1.0290 which coincides with the top border of the bearish wedge pattern which pushed the pair to decline again to re-test the support level 1.0180, it is expected that the pair will continue declining targeting the level 1.0090 which coincides with the bottom border of the bearish wedge pattern but under the condition of breaking the support level 1.0180.
The stability of these expectations requires the stability of the resistance level 1.0290.
Res: 1.0377 1.0470 1.0570
Pivot: 1.0277
Sup: 1.0184 1.0084 0.9991
Friday September 16th 2011 GIGFX Technical Analysis Report
EUR/USD
For the 4th consecutive day, the EUR/USD pair yesterday trades saw a further rise, as was expected through the previous report that, the pair broke the confined resistance area between the level 1.3747 and the level 1.3783 continuing the bullish move till the level 1.3900 which represents 38.2% Fibonacci retracement correction level for the bearish direction (from 1.4548 to 1.3500) coinciding this level with the medium-term bearish trend line so forming a top pushed the pair down during the last intraday trades were seen, it's expected that the pair will continue declining to retest the support area between the level 1.3783, 1.3747, breaking this area down means declining again till the level 1.3500 during the next short-term trades, breaking up the level 1.3900 means continuing the bullish move again till the next support level at 1.4024.
Res: 1.3973 1.4071 1.4206
Pivot: 1.3838
Sup: 1.3740 1.3605 1.3507
AUD/USD
The pair broke the top border of the reversal bearish wedge pattern and the level 1.0290 which represents 23.6% of fibonacci's correction level for the last bearish wave (from 1.0660 to 1.0180) which led the pair to rise reaching the level 1.0370 which represents 38.2% of fibonacci's correction level for the last bearish wave (from 1.0660 to 1.0180), it is expected that the pair will continue rising targeting the level 1.0480 which represents 61.2% of fibonacci's correction level for the last bearish wave (from 1.0660 to 1.0180), but under the condition of breaking the resistance level 1.0370.
The stability of these expectations requires the stability of the support level 1.0290.
Res: 1.0387 1.0447 1.0550
Pivot: 1.0284
Sup: 1.0224 1.0121 1.0061
Tuesday September 20th 2011 GIGFX Technical Analysis Report
EUR/USD
Yesterday, the pair failed to break the resistance level 1.3712 which represents the bottom barrier of the bearish gap that has been formed at the beginning of this week#s trades so the pair failed to cover the whole gap to continue declining till it formed a bearish bottom at the support level 1.3585, the pair is still tradinf above this level ina strong sign to continue rising again to test the resistance level 1.3712 which with its breaking upside means more rising targeting the level 1.3802 which represents 61.8% of fibonacci's correction level for the bearish move (from 1.3936 to 1.3585), breaking the support level 1.3585 means more declining till the support level 1.3500.
Res: 1.3740 1.3796 1.3873
Pivot: 1.3663
Sup: 1.3607 1.3530 1.3474
AUD/USD
The AUD/USD pair was able to form a bearish bottom during the previous trades at 1.0147 level, to rise from this level during the current trades, the RSI indicator shows a divergence that reflects the bearish movement, leading the expectations for the pair to rise targeting the resistance level 1.0292 then 1.0382 that represents 38.2% correction level for the bearish move from 1.0763 to 1.0147.
This scenario requires the stability of the support level 1.0147.
Res: 1.0300 1.0380 1.0447
Pivot: 1.0233
Sup: 1.0153 1.0086 1.0006
Wednesday September 21st 2011 GIGFX Technical Analysis Report
EUR/USD
The European currency achieved some gains yesterday by rising against the U.S. dollar reaching the highest price at the level 1.3743, it was expected that the pair will rose targeting to re-test the resistance level 1.3712 that the pair was unable to hold below it till this moment, this level coincides with the bearish trendline for mid-term trades so it is hard to break this area upside, it is expected that the pair will decline again targeting the support level 1.3585 followed by the level 1.3500, this scenario requires the stability of coinciding area of the bearish trendline with the resistance level 1.3712, breaking this area upside means more rising targeting the level 1.3900.
Res: 1.3765 1.3829 1.3916
Pivot: 1.3678
Sup: 1.3614 1.3527 1.3463
AUD/USD
As was expected through yesterday report that the AUD/USD pair reached the resistance level 1.0292, this bullish scenario was supported by a positive reversal divergence for the bearish direction, till this moment the pair is unable to break up the resistance level 1.0292 with the strong probability of declining again till the level 1.0230 then the level 1.0147, but in case of breaking up the resistance level 1.0292 means a further rise till the level 1.0382 which represents 38.2% Fibonacci retracement correction level for the bearish direction (from 1.763 to 1.0147).
Res: 1.0341 1.0408 1.0505
Pivot: 1.0244
Sup: 1.0177 1.0080 1.0013
Thursday September 22st 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected through the last analysis, the pair continued declining reaching the support level 1.3585 after it failed to break the resistance level 1.3712 coinciding with the bearish trendline for mid-term trades, the pair continued declining breaking the support level 1.3585 which represents the point B of the harmonic pattern AB=CD which is being forming, it is expected that the pair will continue declining targeting the area of the point D that completes the harmonic pattern and which locates between the level 1.3440 and the support level 1.3385 which represents 127% of fibonacci's continuous level for the bullish move (from 1.3500 to 1.3936), in order to reach this area the pair should break the support level 1.3500.
The stability of these expectations requires the stability of the resistance level 1.3630.
Res: 1.3724 1.3876 1.3956
Pivot: 1.3644
Sup: 1.3492 1.3412 1.3260
AUD/USD
The AUD/USD pair is forming again the main bearish direction for the medium-term as was expected after breaking down the level 1.0177 and also the level 1.0147, whereas the bearish direction is still dominating the last intraday trades, so it's expected that the bearish move will be continued till the support area between the level 0.9957 which represents 200% Fibonacci retracement continuous level for the bullish direction (from 1.0177 to 1.0397) and the level 0.9925 which represents a long-term pivotal support level.
This scenario depends on the stability of the resistance
Res: 1.0209 1.0379 1.0467
Pivot: 1.0121
Sup: 0.9951 0.9863 0.9693
Friday September 23rd 2011 GIGFX Technical Analysis Report
Friday September 23rd 2011 GIGFX Technical Analysis Report
EUR/USD
The DJ index continued declining breaking the level 10900 which represents 61.8% of fibonacci's correction level for the last bullish wave for mid-term trades breaking the level 10710 which represents 76.4% of fibonacci's correction level for the last bullish wave but it returned to trade around the pivot of this level till now and if the index succeeded to hold above this level it will rise targeting to re-test the resistance level 10900 but if the index was unable to hold above that level it will decline targeting the support level 10570 again.
The stability of these expectations requires the stability of the resistance level 10900.
Res: 1.3579 1.3697 1.3794
Pivot: 1.3482
Sup: 1.3364 1.3267 1.3149
AUD/USD
The pair declined strongly after breaking the level 1.0170 which represents the top border of the descending triangle which led the pair to decline to the level 0.9690 which represents the target of that broken pattern and formed a bottom at this level which led the pair t rise again re-testing the near resistance level at 0.9840, it is expected that the pair will continue declining targeting the level 0.9525 but under the condition of breaking the support level 0.9690.
The stability of these expectations requires the stability of the resistance level 0.9980.
Res: 0.9983 1.0225 1.0372
Pivot: 0.9836
Sup: 0.9594 0.9447 0.9205
Tuesday october 18th 2011 GIGFX Technical Analysis Report
EUR/USD
Yesterday trades saw declining the pair by breaking the bottom border of the bullish wedge reversal pattern reaching the support level 1.3733 as it was expected through the last analysis, it is expected that the pair will continue forming its bearish correction move by breaking the support level 1.3733 targeting the level 1.3530 which represents the target of the pattern and also represents 50.0% of fibonacci's correction level for the bullish move (from 1.3146 to 1.3914).
The stability of these expectations requires the stability of the resistance level 1.3790.
Res: 1.3859 1.3981 1.4048
Pivot: 1.3792
Sup: 1.3670 1.3603 1.3481
AUD/USD
The AUD pair failed yesterday to break the level 1.0360 which led the pair to decline again and broke the level 1.0255 by breaking the bottom border of the bullish channel in which the pair is moving then it rose to re-test the near resistance level at the level 1.0255, it is expected that the pair will continue its declining move reaching the level 1.0010 this level is the target of breaking the bullish channel but under the condition of breaking the level 1.010.
The stability of these expectations requires the stability of the resistance level 1.0360.
Res: 1.0301 1.0447 1.0524
Pivot: 1.0224
Sup: 1.0078 1.0001 0.9855
wednesday october 19th 2011 GIGFX Technical Analysis Report
EUR/USD
The pair continued declining during yesterday trades to the level 1.3650 as the first target for the bullish wedge pattern, a bottom has been formed at this level which led the pair to rise again to re-test the near resistance level and now it is testing the resistance level 1.3817, breaking this level means more rising targeting to re-test the resistance level 1.3914 but in the case that the pair completed the formation of the top at the level 1.3817 it will decline to the level 1.3650 followed by the level 1.3530 which represents the last target of the pattern and represents 50.0% of fibonacci's correction level for the bullish wave (From 1.3146 to 1.3914).
Res: 1.3828 1.3904 1.3992
Pivot: 1.3740
Sup: 1.3664 1.3576 1.3500
AUD/USD
The pair failed to break the level 1.0110 and closed above this level which led it to rise again breaking the level 1.0225 then reached the level 1.0360 trying to re-test the bottom border of the broken bullish channel, it is expected that the pair will continue declining and will re-test the level 1.0110 but under the condition of breaking the level 1.0225.
The stability of these expectations requires the stability of the resistance level 1.0470.
Res: 1.0352 1.0444 1.0562
Pivot: 1.0234
Sup: 1.0142 1.0024 0.9932
Thursday october 20th 2011 GIGFX Technical Analysis Report
EUR/USD
It is noticed that the pair is forming the harmonic pattern AB=CD as it formed a top at the level 1.3870 which represents the point C, the pair declined from this top to form the bearish rib CD and it is expected that the pair will continue declining during the upcoming trades targeting the support level 1.3650 which represents the point B, breaking this level means more declining till the level 1.3600 which represents the point D that completes the pattern, it is expected that the pair will continue declining targeting the level 1.3530 as the final target for the bearish wedge pattern but under the condition of breaking the level 1.3600 downside.
The stability of these expectations requires the stability of the resistance level 1.3780.
Res: 1.3844 1.3928 1.3988
Pivot: 1.3784
Sup: 1.3700 1.3640 1.3556
AUD/USD
As it was expected through yesterday analysis, the pair declined to the level 1.0140 which represents 23.6% of fibonacci's correction level for the last bullish wave (from 0.9390 to 1.0370), it is expected that the pair will continue declining to the level 0.9995 which represents 38.2% of the same fibonacci's correction level for the same bullish move and this level is the target of breaking the bullish channel.
The stability of these expectations requires the stability of the resistance level 1.0240.
Res: 1.0315 1.0408 1.0464
Pivot: 1.0259
Sup: 1.0166 1.0110 1.0017