GIGFX Daily Economic Analysis - page 12
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Wednesday 27th of April 2011 GIGFX Daily Technical Analysis Report
EUR/USD
During yesterday trades the pair formed a bullish bottom for the near-term at the level 1.4493; this bottom has been supported by the bullish positions on the European single currency against the American dollar that happened as a result of the investors' optimism which outcomes from financial data of American and European companies. The pair used this bottom to rise again breaking the resistance level 1.4648 expecting more rising during the upcoming trades till reach the level 1.4803 which represents 200% of Fibonacci's continuous level for the bearish move (From 1.4648 to 1.4493) but under the condition of breaking the resistance level 1.4690.
The stability of these expectations requires the stability of the support level 1.4648.
Res: 1.4701 1.4760 1.4864
Pivot: 1.4597
Sup: 1.4538 1.4434 1.4375
GBP/ USD
The bullish direction is still dominating the pair trades for the near and medium-term as the pair is forming the harmonic pattern AB=CD, this pattern has been confirmed by breaking the level 1.6420 upside expecting more rising waves targeting the resistance level 1.6655 which is expected to be the end of the harmonic pattern (CD wave).
The stability of these expectations requires the stability of the support level 1.6420.
Res: 1.65301 1.6581 1.6631
Pivot: 1.6480
Sup: 1.6429 1.6379 1.6328
USD/CHF
The pair is still registering new records as it achieved the lowest price during the Asian trading session at the level 0.8670 to form a bottom at this level that the pair used it to rise to re-test the resistance level 0.8780, the existence of a positive divergence for the RSI index that shifts the bearish direction, this means the probability of rising the pair during upcoming trades but under the condition of breaking the level 0.8780 up then the pair will target to reach the level 0.8878.
The stability of these expectations requires the stability of the support level 0.8670.
Res: 0.8821 0.8890 0.8928
Pivot: 0.8783
Sup: 0.8714 0.8676 0.8607
USD/CAD
The bearish direction is still dominating the move of the pair for the short and the medium-term as it is still noticed that the pair is forming a harmonic pattern AB=CD due to the movement of the pair and although the pair tried to break the point B but the pair returned to move in the range of the last wave CD of the pattern which targets the support level 0.9261 to complete the pattern by completing this wave so it is expected that the pair will continue declining with probability of testing the resistance level 0.9524 which represents the point B for the formed pattern.
The stability of these expectations requires the stability of the resistance level 0.9524 which represents the point B.
Res: 0.9551 0.9589 0.9617
Pivot: 0.9523
Sup: 0.9485 0.9457 0.9419
AUD/USD
It is noticed through this chart that the pair is in the forming stage of the harmonic pattern AB=CD after forming a bottom at the support level 1.0675 which represents the point C that pushed the pair rising breaking the resistance level 1.0773 which represents the point B declaring the beginning of registering new records for the AUD/USD pair as it is expected to complete the rib CD at the level 1.1000 which represents the point D that completes the harmonic pattern, in order to reach this level the pair should break the resistance level 1.0845.
The stability of these expectations requires the stability of the support level 1.0773.
Res: 1.0823 1.0865 1.0939
Pivot: 1.0749
Sup: 1.0707 1.0633 1.0591
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Tuesday 3rd of May 2011 GIGFX Technical Analysis Report
EUR/USD
After the pair has formed a second straight top at the resistance level 1.4880, the pair retested the support level 1.4770 that its breaking was a confirmation of existing the double bottom pattern as the pair formed a new bottom at this level and used it to push for the third time to test the resistance level 1.4880 forming a third consecutive new top at the same level, this is one of the conditions of forming the reversal treble bottom pattern, and breaking the bottom of the pattern at the support level 1.4770 is the remaining condition. It is noticed also that the1.2.3 pattern did not completed till now as it is targeting to reach the level 1.4985, if the harmonic reversal pattern that reflects the bullish direction completed, it is hard to complete the 1.2.3 pattern but if the pair failed to complete the late pattern by breaking the resistance level 1.4880 the pair will continue rising till reach the level 1.4985. if the pair successfully broke the support level 1.4770 it will continue declining targeting to reach the level 1.4660 which represents the target of the treble bottom pattern.
Res: 1.4899 1.4969 1.5038
Pivot: 1.4830
Sup: 1.4760 1.4691 1.4621
GBP/ USD
The resistance level 1.6270 was able to be stable against the pair testing for two consecutive times forming a double top pattern that reflects the bullish direction so that it is expected during today's intraday levels that the pair may decline but under the condition of breaking the bottom of this pattern at the level 1.6625 that the pair broke at the beginning of today's trades and still moving around it so, closing with stability below it may push the pair to target the support level 1.6510.
The stability of these expectations requires the stability of the resistance level 1.6270.
Res: 0.8691 0.8729 0.8762
Pivot: 0.8658
Sup: 0.862 0.8587 0.8549
USD/CHF
As observed for the USD/CHF chart, the pair is still trading between a bearish channel lines during the short and medium periods, where the pair could not break down the support level 0.8633 during the Asian trades, which is the bottom the pair formed during last week tradesto rise from it, so it is expected that the pair will continue rising in order to retest the resistance level 0.8739 that may coincide with the channel top line, which if the pair was able to trade above it; the pair will rise targeting the resistance level 0.8832, and if the pair was able to hold above this level it will target 0.8922 resistance level.
This analyze requires the breaking of the resistance level 0.8739 which may coincides with the channel top line.
Res: 0.8766 0.8797 0.8835
Pivot: 0.8728
Sup: 0.8697 0.8659 0.8628
USD/CAD
As observed in the chart that the par is facing at a confusion area between the support level 0.9450 and the resistance level 0.9556 after declining the momentum which the pair does it yesterday nearest the support level 0.9450 which represents the lower border for the confusion area and it was unable to close a good close below it therefore it's expected that the pair will try to test the resistance level 0.9556 which represents the top border for the confusion area.
But the stability of the pair above the support level 0.9450 which represents the lower border for confusion area with taking in account that determining the pair main directions after breaking one of the confusion area borders.
Res: 0.9532 0.9561 0.9605
Pivot: 0.9488
Sup: 0.9459 0.9415 0.9386
AUD/USD
The AUD/USD pair taking the bullish move as it main direction inside a medium bullish channel lines, where the pair fell during the previous short trades to retest the channel bottom line, which is expected with the stability of that line with the stability of the support level 1.0859 that the pair will continue rising to target the resistance level 1.1050, but if the pair traded under this level with trading under the channel bottom line it will have a bearish move in order t retest the nearest support level that may lead it to the support level 1.0770.
Res: 1.0996 1.1048 1.1086
Pivot: 1.0958
Sup: 1.0906 1.0868 1.0816
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Wednesday 4th of May 2011 GIGFX Technical Analysis Report
EUR/USD
The trades of the pair are still moving in a confusion area between the resistance level 1.4880 and the level 1.4770, this area was expected to present reversal pattern but was not completed, this area now represents the rectangle pattern so it is better during the upcoming trades to wait for breaking one of the pattern's boarders to determine the upcoming direction of the pair, if the pair breaks the resistance level 1.4880 it will continue rising targeting the level 1.4985 which represents the target of the pattern 1.2.3 which has not achieved yet and in the case of breaking the support level 1.4770, the pair will continue declining targeting the level 1.4660 which represents the target of this bearish case.
Res: 1.4891 1.4957 1.5025
Pivot: 1.4823
Sup: 1.4757 1.4689 1.4623
GBP/ USD
As it was expected through yesterday report, indeed, the pair declined reaching the support level 1.6555 that has been broken from the first testing process and also which represents 23.6% of Fibonacci's correction level for the last bullish wave for the medium-term and retested it again before declining reaching the support level 1.6435 to test it, this level represents 38.2% of the same mentioned Fibonacci's levels expecting more declining during today's intraday trades but under the condition of breaking the support level 1.6435 that if the pair succeeded to break it with stability below it, the pair will decline targeting the support level 1.6340 as the first target of declining and also this level represents 50.0% of the same mentioned Fibonacci's correction levels.
The stability of these expectations requires the stability of the resistance level 1.6555.
Res: 1.6609 1.6733 1.6806
Pivot: 1.6536
Sup: 1.6412 1.6339 1.6215
USD/CHF
As it is noticed through this chart, the pair is still moving inside a bearish channel for the short and the medium-term as the pair ended trading yesterday after forming a new bottom at the support level 0.8596 but at the beginning of the Asian session today it took the bullish direction so it is expected that the pair may continue rising till reaches the resistance level 0.8693 which represents the top border of the channel and if the pair broke this level with stability above it, the pair may target the resistance level 0.8784 and if it succeeded to break it thenthe pair may target the resistance level 0.8874.
The stability of these expectations requires the stability of the support level 0.8596.
Res: 0.8657 0.8703 0.8734
Pivot: 0.8626
Sup: 0.8580 0.8549 0.8503
USD/CAD
Yesterday the pair reached the mentioned targeted price which is near to the resistance level 0.9556 which also represents the top border of the sideways channel but the pair is unable to break this level withstability above it therefore this gives a signal that the pair will take the bearish direction till it retests the support level 0.9450 which represents the lower border for the mentioned channel.
This expectation depends on the stability of the pair below the resistance level 0.9556 which represents the top border for the channel.
Res: 0.9557 0.9590 0.9641
Pivot: 0.9506
Sup: 0.9473 0.9422 0.9389
AUD/USD
The AUD/USD pair was able to break the bullish channel bottom line during the past trades to reach the expected support level 1.0770, which conceder an initial indicator for the bullish movement weakness for the medium trades, that may push down the pair to break down 1.0770 support level, targeting 1.0680 level, with a good chance to retest the broken channel bottom line with testing 1.0985 level.
Res: 1.0917 1.0991 1.1031
Pivot: 1.0877
Sup: 1.0803 1.0763 1.0689
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Thursday 5th of May 2011 GIGFX Technical Analysis Report
EUR/USD
As it is noticed through this chart, the pair broke the resistance level 1.4880 with stability above it but it did not continue and reflected down strongly from this level, also the pair did not achieve any daily close above the level 1.4880, all these signs reflects the difficulty of breaking this level so, it is expected that the pair may re-test the support level 1.4770 which with its breaking down means more declining targeting the level 1.4660 which represents the target of breaking out the confusion area.
The stability of these expectations requires the stability of the resistance level 1.4880.
Res: 1.4918 1.5010 1.5082
Pivot: 1.4846
Sup: 1.4754 1.4682 1.4590
GBP/ USD
The pair is forming Gartley harmonic pattern for the short-term as it tested the support level 1.6480 which represents the point C of the pattern and 76.4% of fibonacci's correction level for the wave AB and now the pair is moving in the range of the last wave CD that targets the resistance level 1.6595 so it is expected that the pair may continue rise during the upcoming trades targeting this level then it will decline again.
The stability of these expectations requires the stability of the support level 1.6480.
Res: 1.6558 1.6629 1.6683
Pivot: 1.6504
Sup: 1.6433 1.6379 1.6308
USD/CHF
The pair registered a new record at the level 0.8548 in the same bearish channel for near and medium-term, but at the end of this candle the pair gave a sign of rising by forming the hammer candle so it is expected that the pair may continue rising targeting to test the resistance level 0.8678 which represents the top border of the channel, and if the pair was able to be stable above this level it may target to test the resistance level 0.9953.
The stability of these expectations requires the stability of the pair above the support level 0.9548.
Res: 0.8656 0.8698 0.8749
Pivot: 0.8605
Sup: 0.8563 0.8512 0.8470
USD/CAD
By ending yesterday trades the pair collect a bullish momentum till it broke the resistance level 0.9551 which was the confined top border till it rose and reached the resistance level 0.9596 so it's expected that the pair will continue rising till it targets the resistance level 0.9646 and if it is able to be stabile above this level therefore the pair will target the resistance level 0.9685 with the probability of remaining trying the pair to decline below the support level 0.9551 which was representing the top border for the confined area.
This scenario depends on closing the pair a good close above the resistance level 0.9596.
Res: 0.9626 0.9662 0.9724
Pivot: 0.9564
Sup: 0.9528 0.9466 0.9430
AUD/USD
The AUD/USD pair was able to break the bullish channel bottom line during the past trades to trade under the expected support level 1.0770 reaching 23.6% correction level for the bullish move from 0.9706 to 1.1011stopping the pair falling during the past short trades, which conceder an initial indicator for the bullish movement weakness for the medium trades, in case the pair tends to continue the bearish direction it's expected to reach 1.0680 level by trading under 23.6% correction level, but in case the pair tends to continue the main bullish movement that will be confirmed by trading above 1.0770 again, it will target the retesting of 1.1011 level which if broke the pair will target 1.1050 level.
Res: 1.0837 1.0930 1.0985
Pivot: 1.0782
Sup: 1.0689 1.0634 1.0541
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