GIGFX Daily Economic Analysis - page 23
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Wednesday November 9th 2011 GIGFX Technical Analysis Report
EUR/USD
It is noticed that the pair formed a near-term bullish channel during the last trades and now the pair is trading below the resistance level 1.3847 which represents 50.0% of fibonacci's correction level for the bearish wave (From 1.4547 to 1.3146, it is expected that the pair will continue declining targeting to re-test the bottom border of the mentioned channel and if the pair succeeded to do with breaking the level 1.3681 so it will continue declining targeting the level 1.3477 which represents 23.6% of fibonacci's correction level, but if the pair broke the top border of the triangle pattern with breaking the resistance level 1.3847 it will rise targeting the level 1.4012 which represents 61.8% of fibonacci's correction level, this may coincides with re-testing the top border of the mentioned channel.
Res: 1.3878 1.3922 1.3999
Pivot: 1.3801
Sup: 1.3757 1.3680 1.3636
AUD/USD
The pair is trading in a narrow range between the support level 1.0285 and the resistance level 1.0410 which represents 23.6% of fibonacci's correction level for the last bullish wave (From 0.9380 to 1.0725), it is expected that the pair will decline targeting to re-test the support level 1.0215 which represents 38.2% of the same correction levels but under the condition of breaking the support level 1.0285.
The stability of these expectations requires the stability of the resistance level 1.0495.
Res: 1.0442 1.0484 1.0564
Pivot: 1.0362
Sup: 1.0320 1.0240 1.0198
Thursday November 10th 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected through the last analysis, the pair declined breaking the bottom border of the bullish channel for near-term with the symmetric triangle due to the stability of the resistance level 1.3847 which represents 50.0% of fibonacci's correction level for the bearish move (from 1.4547 to 1.3146), the pair reached the level 1.3477 which represents the target of the mentioned patterns and also coincides with 23.6% of fibonacci's correction level, it is expected that if the pair tended to decline during the upcoming near-term trades it has to break the level 1.3477 then it will target the level 1.3360, but if the level 1.3681 held it may push the pair to rise in order to re-test the near resistance level such as 1.3681.
Res: 1.3758 1.3975 1.4093
Pivot: 1.3640
Sup: 1.3423 1.3305 1.3088
AUD/USD
The pair declined to the level 1.0130 after breaking the support level 1.0215 which represents 38.2% of fibonacci's correction level for the last bullish wave (From 0.9380 to 1.0725) which led the pair to decline and it is expected to continue declining targeting the support level 1.0055 which represents 50.0% of the same correction levels but under the condition of breaking the support level 1.0130, with the probability of rising the pair in order to test the near resistance levels.
The stability of these expectations requires the stability of the resistance level 1.0285.
Res: 1.0325 1.0496 1.0590
Pivot: 1.0231
Sup: 1.0060 0.9966 0.9795
Friday November 11th 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected through the last analysis, the pair declined breaking the bottom border of the bullish channel for near-term with the symmetric triangle due to the stability of the resistance level 1.3847 which represents 50.0% of fibonacci's correction level for the bearish move (from 1.4547 to 1.3146), the pair reached the level 1.3477 which represents the target of the mentioned patterns and also coincides with 23.6% of fibonacci's correction level, it is expected that if the pair tended to decline during the upcoming near-term trades it has to break the level 1.3477 then it will target the level 1.3360, but if the level 1.3477 held it may push the pair to rise in order to re-test the near resistance level such as 1.3681.
Yesterday analysis is still remaining till now
Res: 1.3678 1.3749 1.3846
Pivot: 1.3581
Sup: 1.3510 1.3413 1.3342
GBP/ USD
As was expected yesterday, after the GBP/USD pair formed the (reversal bullish wedge) for the near-term and the intraday levels, the pair declined breaking the wedge's lower border targeting the support level 1.5925; the negative signals are still appearing till now so forming the (double consecutive tops) reversal pattern for the bullish direction through the mid and near-terms is noticed , this pattern represents the support level 1.5890 which is the baseline for this pattern, if the price broke this level with a good close below it; the price will target to reach the support level 1.5750 as it's first target for this formed pattern.
This scenario depends on the stability of the resistance level 1.6000.
Previous analysis is still remaining till now
Res: 1.5989 1.6045 1.6106
Pivot: 1.5928
Sup: 1.5872 1.5811 1.5755
USD/CHF
The pair is moving inside a bullish channel for near and mid-term trades, trying to form a bullish bottom at the support level 0.9030 which coincides with the bottom border of the channel so it is expected that the pair will rise targeting to re-test the resistance level 0.9123 and if the pair held above this level it will target the resistance level 0.9202 which coincides with the top border of the channel.
The stability of these expectations requires the stability of the support level 0.9030.
Res: 0.9105 0.9161 0.9173
Pivot: 0.9093
Sup: 0.9037 0.9025 0.8969
USD/CAD
After the USD/CAD pair is moving between a short bullish channel range, as the pair rose during the previous trades testing the resistance level 1.0222 coinciding with 50% correction level for the bearish move from 1.0655 to 0.9889 forming the top board for the channel, the pair direction remain bearishly as long as the pair remain below 50% correction level, as it is expected for the pair to fall in order to retest the support level 1.0075 which may cause the breaking of the channel coinciding with 23.6% correction level leading the pair to the bearish direction, but breaking up 50% correction level at 1.0272 will push the pair to rise targeting 1.0340 level coinciding with 61.8% correction level.
Res: 1.0232 1.0299 1.0334
Pivot: 1.0197
Sup: 1.0130 1.0095 1.0028
AUD/USD
As it was expected through yesterday report, the pair declined to the level 1.0055 which represents 50.0% of fibonacci's correction level for the last bullish wave (from 0.9380 to 1.0725) after breaking the support level 1.0130 and after standing at the level 1.0055 with no breaking which led the pair to rise again to re-test the near resistance level at 1.0215 which represents 38.2% of fibonacci's correction level for the same last bullish wave, it is expected that the pair will continue declining targeting the support level 0.9900 which represents 61.8% of the same correction levels but under the condition of breaking the support level 1.0055.
The stability of these expectations requires the stability of the resistance level 1.0215.
Res: 1.0216 1.0290 1.0372
Pivot: 1.0134
Sup: 1.0060 0.9978 0.9904
Wednesday November 16th 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected yesterday, the bearish direction is still dominating the trades of the pair and now the pair is trading below the level 1.3477 which represents 23.6% of fibonacci's correction level for the bearish wave (From 1.4547 to 1.3146), it is expected that, with holding the pair below this level it will target the support level 1.3360 followed by 1.3146 but if the pair held above the level 1.3477 it will target the near resistance level 1.3681 which represents 38.2% of fibonacci's correction level.
Res: 1.3620 1.3703 1.3765
Pivot: 1.3558
Sup: 1.3475 1.3413 1.3330
AUD/USD
As it was expected yesterday, the pair dropped to the support level 1.0055 which represents 50.0% of fibonacci's correction level for the last bullish wave (from 0.9380 to 1.0725) after it succeeded to break the support level 1.0125 which led the pair to drop again, it is expected that the pair will continue declining targeting the support level 0.9900 which represents 61.8% of fibonacci's correction level for the last bullish wave (from 0.9380 to 1.0725) but under the condition of breaking the support level 1.0055 with stability below it.
The stability of these expectations requires the stability of the resistance level 1.0215.
Res: 1.0230 1.0283 1.0342
Pivot: 1.0171
Sup: 1.0118 1.0059 1.0006
Friday November 20th 2011 GIGFX Technical Analysis Report
EUR/USD
Yesterday trades were confusing between rising and declining and it were in a narrow range that reflects the collecting of the needed momentum which will determine the next direction of the pair as it is waited that the pair will break the resistance level 1.3555 which represents the top of the double bottom pattern then it will rise targeting the level 1.3719 which represents the target of the pattern, it is expected that the price will coincide with the top border of the bearish channel in which the pair is still moving at the level 1.3719.
The stability of these expectations requires the stability of the support level 1.3422.
Res: 1.3524 1.3590 1.3641
Pivot: 1.3473
Sup: 1.3407 1.3356 1.3290
Tuesday November 22nd 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected yesterday, the pair succeeded to break the support level 1.3514 and continued declining till reached the support level 1.3422 to form a new bottom at this area that the pair will use it to rise again, during the last intraday trades the pair was trying to break the level 1.3514 upside, this level became a resistance level and if the pair succeeded to break this level it will continue rising targeting the level 1.3617 again.
The stability of these expectations requires the stability of the support level 1.3422.
Res: 1.3542 1.3596 1.3652
Pivot: 1.3486
Sup: 1.3432 1.3376 1.3322
AUD/USD
The pair continued declining reaching the support level 0.9805 after it succeeded to break the support level 0.9900 which represents 61.8% of fibonacci's correction level for the last bullish wave (From 0.9380 to 1.0725) and it failed to break the support level 0.9805 which led the pair to rise again in order to re-test the resistance level 0.9900, it is expected that the pair will continue declining targeting the support level 0.9700 which represents 76.4% of the same fibonacci's correction levels but under the condition of breaking the support level 0.9805.
The stability of these expectations requires the stability of the resistance level 0.9975.
Res: 0.9966 1.0092 1.0171
Pivot: 0.9887
Sup: 0.9761 0.9682 0.9556
Thursday November 23rd 2011 GIGFX Technical Analysis Report
EUR/USD
Breaking the bottom border of the symmetric triangle pattern was the reason behind exiting the pair from the confusion area to continue declining inside the bearish channel, the pair succeeded to break the support level 1.3422 downwards till reached the level 1.3320 which coincides with the bottom border of the channel and also represents 161.8% of fibonacci's continues level for the bullish wave (from 1.3422 to 1.3617), after rising the pair from the formed bottom at the level 1.3320 during the last trades it is expected that the pair will re-test the level 1.3422 which became a resistance level, breaking the level 1.3422 upwards means more rising targeting the next resistance level at 1.3320.
The stability of these expectations requires the stability of the support level 1.3320.
Res: 1.3397 1.3608 1.3686
Pivot: 1.3397
Sup: 1.3264 1.3186 1.3053
AUD/USD
As it was expected yesterday, the pair succeeded to continue declining reaching the support level 0.9700 which represents 76.4% of fibonacci's correction level for the last bullish wave (From 0.9380 to 1.0725) which coincides also with the bottom border of the bearish channel in which the pair is moving which has been formed for the near-term and intraday levels, it is expected that the pair will rise correctly standing on the support level 0.9700 in order to re-test the resistance level 0.9805 but under the condition of holding the pair above the support level 0.9700.
The stability of these expectations requires the stability of the support level 0.9605.
Res: 0.9807 0.9928 1.0000
Pivot: 0.9735
Sup: 0.9614 0.9542 0.9421
Friday November 25th 2011 GIGFX Technical Analysis Report
EUR/USD
The pair is still forming a bearish direction for near and mid-term trades through moving inside a bearish channel, the pair continued declining reaching the level 1.3303 which represents 161.8% of fibonacci's continuous level for the bullish wave (From 1.3422 to 1.3617), existing the reversal positive divergence appeared from the stochastic index is noticed and this is a strong sign of the probability of forming a corrective bullish direction that will be confirmed with holding the level 1.3303 and if the pair broke the resistance level 1.3350, this scenario requires the stability of the level 1.3303, breaking this level means more declining targeting the next support level 1.3230.
Res: 1.3399 1.3451 1.3493
Pivot: 1.3357
Sup: 1.3305 1.3263 1.3211
AUD/USD
The pair rose to test the resistance level 0.9805 and failed to break this level which led the pair to decline again reaching the support level 0.9700 which represents 76.4% of fibonacci's correction level for the last bullish wave (From 0.9380 to 1.0725), it is expected that the pair will rise again trying to break the resistance level 0.9805 reaching the resistance level 0.9900 which represents 61.8% of the same fibonacci's correction level which coincides with the top border of the bearish channel but under the condition of holding the support level 0.9700.
The stability of these expectations requires the stability of the support level 0.9605.
Res: 0.9783 0.9835 0.9885
Pivot: 0.9733
Sup: 0.9681 0.9631 0.9579
GIGFX- Forex Daily Report 20 Dec 2011
Tuesday December 20th 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected, the EUR/USD pair reflected rising to target the resistance level 1.3090 to test it which is still holding as the European debt crisis remains after a warning from the Fitch credit rating that it may cut ratings of France and six other countries in the region and it is important to mention that the U.S. Senate had voted on Saturday to extend tax cuts to the salaries for two months as part of a law project that also aims to force President Barack Obama to approve to build a pipeline to transport oil that is likely to be approved by the House of Representatives later this week and also includes a measure to extend jobless benefits for long-term for another two months, thus, it is expected that the pair will continue declining targeting the support level 1.2950 which coincides with the point D in this harmonic pattern for near and mid-term trades, if the pair succeeded to break this level with stability below, it will try to target the support level 1.2875 but under the condition of holding the resistance level 1.3090.
Yesterday analysis is still remaining till now.
R3 R2 R1 P S1 S2 S3
1.3069 1.3033 1.3008 1.2972 1.2947 1.2911
GBP/ USD
The GBP/USD pair yesterday’s trades was dominant between the resistance level’s 1.5546 bottom and above the support level 1.5464 for the near-term bullish trendline, which means on a confusion move for the last intraday trades, it’s expected that the pair will continue forming the clear direction for the next trades; in case of getting out the pair from the confusion area, so if the pair broke up the resistance level 1.5546 so it will continue rising till the level 1.5630 which represents the price target to get out of the bearish channel and it also represents 61.8% Fibonacci retracement correction level for the bearish direction (from 1.5768 to 1.5408),in case of breaking down the bearish trendline with breaking the support level 1.5464 means a further drop till the support level 1.5408.
R3 R2 R1 P S1 S2 S3
1.5619 1.5581 1.5539 1.5501 1.5459 1.5421 1.5379
USD/CHF
The USD/CHF pair failed on breaking the resistance level 0.9550 which coincides with the bullish channel’s top border for the near and mid-terms levels pushed the pair down again to retest the nearest support levels breaking the support level 0.9475 in order to reach the support level 0.9385, the pair is moving in the form of a bearish correction wave for the bullish direction so it’s expected that the pair will continue declining till reaching the support level 0.9300 coinciding with the bullish channel’s lower border, in condition of breaking the pair the support level 0.9385.
This scenario depends on the stability of the resistance level 0.9475.
R3 R2 R1 P S1 S2 S3
0.9450 0.9424 0.9397 0.9371 0.9344 0.9318 0.9291
USD/JPY
The USD/JPY pair is moving inside a bullish channel for near and mid-term trades targeting the resistance level 78.16 and if the pair held above this level it will target the resistance level 78.51 as the second target which coincides with the top border of the channel.
The stability of these expectations requires the stability of the support level 77.86.
R3 R2 R1 P S1 S2 S3
78.66 78.41 78.22 77.97 77.78 77.53 77.34
AUD/USD
The AUD/USD pair is moving inside a bearish channel for the mid-term trades and now the pair is testing the top border of the channel trying to break the channel and if the pair succeeded to do so it will target to re-test the resistance area between the level 1.0025 and 1.0078 which coincides with 38.2% of fibonacci's correction level for the bearish move (From 1.0751 to 0.9662), if the top border of this channel held, it will push the pair to test the support level 0.9860 followed by 0.9775.
R3 R2 R1 P S1 S2 S3
1.0065 1.0026 0.9959 0.9920 0.9853 0.9814 0.9747
GIGFX- Forex Daily Report 21 Dec2011
Wednesday December 21st 2011 GIGFX Technical Analysis Report
EUR/USD
The European currency held its gains on Tuesday as it rose 1% to the highest price achieved yesterday amid weak trades during the last weeks. It is noticed that, the pair is trading inside an ascending triangle pattern targeting the resistance level 1.3189 so it is expected that the pair will continue rising targeting that level before returning back to decline in order to continue its bearish direction for near and mid-term trades.
The stability of these expectations requires the stability of the resistance level 1.3189.
R3 R2 R1 P S1 S2 S3
1.3283 1.3207 1.3145 1.3069 1.3007 1.2931 1.2869
AUD/USD
The AUD/USD pair broke the mid-term bearish channel’s top border to break the level 1.0078 which represents 38.2% Fibonacci retracement correction level for the bearish move from 1.0751 to 0.9662, the pair will rise targeting the level 1.0206 through the current trades representing 50% from the same previous mentioned Fibonacci levels, coinciding with the channel’s breaking target, in case of this level’s stability; it’s expected that the pair will continue declining till retesting the nearest support level as 1.0078, but breaking this level will push the pair to continue rising till targeting the level 1.0335 representing 61.8% Fibonacci levels.
R3 R2 R1 P S1 S2 S3
1.0349 1.0221 1.0149 1.0021 0.9949 0.9821 0.9749