GIGFX Daily Economic Analysis - page 3
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Friday 11-02-2011 GIGFX Daily Technical Analysis Report
EUR/USD
The bullish move of the European currency against the American dollar did not remain any more whereas, yesterday trading session saw some new bearish positions for the pair that pushed it down breaking the support level 1.3680 which was represent the neck line of the head and shoulders pattern that its benefit to continue the bullish move is terminated, while the pair was pushing down it was also able to break the bullish trend line for the near-term. All these signals confirms the tendency of the pair to continue forming the bearish direction that started at the top that was formed at the level 1.3861, so it is expected that the pair will continue declining targeting to reach the level 1.3508 which with its breaking, the pair will decline again till reaching the support level 1.3445.
The stability of these expectations requires the stability of the resistance level 1.3645.
RES: 1.3699 1.3796 1.3858
PIVOT: 1.3637
SUP: 1.3540 1.3478 1.3381
GBP/USD
The bullish direction is still dominating the trades of the pair for medium and long periods whereas the pair declined at the beginning of this week trades in order to re-test the support level 1.6055 which declared its stability, once the pair hit that level it reflected up again with expectations of more rising in the light of a harmonic pattern (butterfly) which is still in the forming stage and now it is forming the last wave (CD) after breaking the level 1.6055, its re-testing and stability against the pair till now.
So that it is expected to continue rising during trading the pair above the level 1.6055 targeting the level 1.6260 as the first target of the intraday levels, if the pair succeeded to break this level up it means that the pair tends to continue rising in order to achieve the target of the pattern that is formed on the medium-term, this target is to reach the resistance area between the levels 1.6460 and 1.6545.
The stability of these expectations requires the stability of the support level 1.6055.
The previous analysis is still remaining till now
RES: 1.6150 1.6204 1.6273
PIVOT: 1.6081
SUP: 1.6027 1.5958 1.5904
USD/CHF
The bullish direction is still dominating the price action for the USD/CHF pair for the intraday levels and for the near-term, the pair rose yesterday as it was expected to target the resistance level 0.9685 that the pair is moving around now, testing it forming a harmonic pattern AB=CD that targeted this level to complete the formation of the pattern, a corrective reflection wave is expected targeting the support level 0.9645 during today's intraday trades before continue rising again targeting the resistance level 0.9725.
The stability of these expectations requires the stability of the support level 0.9645.
RES: 0.9736 0.9782 0.9864
PIVOT: 0.9654
SUP: 0.9608 0.9526 0.9480
USD/CAD
The pair is still moving inside a bullish channel that was started at the level 0.9830, so it is expected that the pair will continue rising under the condition of breaking the resistance level 0.9968 which represents 61.8% Fibonacci correction level for the last bearish wave with stability above, this will lead the pair to target the level 1.0001 which represents 76.4% Fibonacci correction level.
But if the pair was unable to break the resistance level 0.9968, it will target the support level 0.9952 which represents the bottom line of the channel, and breaking the pair to this level with stability below will lead the pair to target the level 0. 9916 which represents 38.2% of the same Fibonacci's levels, but in order to reach this level it must break the level 0.9942 which represents 50% Fibonacci correction level that was noticed previously.
RES: 0.9981 1.0011 1.0037
PIVOT: 0.9955
SUP: 0.9925 0.9899 0.9869
AUD/USD
As it was expected in yesterday report, the pair achieved the target of the double tops pattern by reaching the level 1.0000 which represents 50% Fibonacci correction level for the bullish direction (from 0.9803 to 1.0198). During the last intraday trades the pair was able to break this level down, this means more expected declining towards the support level 0.9954 which represents 61.8% Fibonacci correction level for the same bearish direction, if this level is broken down this means targeting the pair to the next support level 0.9896.
The stability of these expectations requires the stability of the resistance level 1.0047.
RES: 1.0152 1.0183 1.0261
PIVOT: 1.0119
SUP: 1.0088 1.0055 1.0024.
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Monday 14-02-2011 GIGFX DailyTechnical Analysis Report
EUR/USD
As expected, the European currency is still declining against the American dollar targeting the support level 1.3508 and this is what was achieved already and with the beginning of this week trades, the pair is using the formed bottom at 1.3508 to rise in order to re-test the nearest resistance levels to form a bearish top that will force the pair to decline and form a medium and near-term bearish direction, it is expected for this bearish top to be around the resistance level 1.3598 at which the price is expected to coincide with the top pitchfork line that was drawn for the bullish wave (from 1.3508 to 1.3743), then it will decline to re-test the support level 1.3508 which with its breaking down, the pair will target the next support level 1.3445.
The stability of these expectations requires the stability of the resistance level 1.3625.
RES: 1.3611 1.3677 1.3734
PIVOT: 1.3554
SUP: 1.3488 1.3431 1.3365
GBP/USD
The pair traded high at the beginning of this week after a near-term declining remained during the trades of the last week till reached the support level 1.5980 to test it and reflected up forming a reversal pattern for the near-term bearish direction (bearish wedge pattern), so it is expected that more rising is possible during today's intraday trades but under the condition of breaking the top boarder of this pattern in order to target the resistance level 1.6170 to test it then, test the resistance level 1.6275.
The stability of these expectations requires the stability of the support level 1.5980.
RES: 1.6090 1.6177 1.6241
PIVOT: 1.6026
SUP: 1.5939 1.5875 1.5788
USD/CHF
The bullish direction is still dominating the move of the pair for the near-term and intraday levels whereas, it is noticed that the pair is moving inside a bullish channel with a relatively high decline degree, this confirms the strength of the bullish momentum till reached at the end of the last week trades to test the resistance level 0.9775 from which the pair reflected forming a medium-term top which coincides with 61.8% Fibonacci correction level for the last bearish wave for the long-term so, it is a strong resistance level and it is hard to be broken with the first testing process.
So it is expected during today's intraday trades that the pair will reflect down correctly in order to form a new bottom that the pair will use it to continue rising and the first support level that will face the pair down reflection is the support level 0.9685 which represents 50% of the same mentioned correction level.
The stability of these expectations requires the stability of the resistance level0.9755.
RES: 0.9774 0.9817 0.9861
PIVOT: 0.9730
SUP: 0.9687 0.9643 0.9600
USD/CAD
The bearish direction is still dominating the pair’s direction for the medium and the short-terms so it is expected through the intraday levels that the pair will continue this bearish direction because the pair now is not still forming the harmonic pattern; whereas the price is moving now at the last wave for the pattern CD which is expected for it to target the support level 0.9784 but confirming this, the pair must break the support level 0.9840 which represents the B point which is ready to break it now.
This scenario depends on the stability after breaking the support level 0.9826 which represents the B point.
But if the pair was not able to break the support level 0.9826 which represents the B point and hold above it, the pair will target the support level 0.9981 which represents the C point.
RES: 0.9955 1.0031 1.0078
PIVOT: 0.9908
SUP: 0.9832 0.9785 0.9709
AUD/USD
The pair has formed a bottom around the support level 0.9954 which represents 61.8% Fibonacci retracement correction level for the bullish direction ( from 0.9803 to 1.0198 ) in which the pair used it to retest the nearest resistance levels, this movement between rising and falling; expecting that the pair will embody a bearish channel whereas the pair is trading now at the resistance level 1.0075 which is expected to be one of the resistance levels for the upper border for the waiting channel, therefore it's expected to form a bearish top for the short-term the pair will use to fall again to retest the nearest resistance levels one of which is the 0.9954 level.
This expectation depends on the stability of the resistance level 1.0075..
RES: 1.0061 1.0097 1.0148
PIVOT: 1.0010
SUP: 1.9974 1.9923 1.9887.
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Tuesday 26-10-2010 Technical Analysis
EURUSD
The pair reached 1.4080 as the highest level during yesterday trades; to form a top at this level that pushed the pair down in order to retest the nearest supports.
The pair is retesting the bullish trend line in an attempt to form a bottom above this line which coincides with the neck line for the head and shoulders pattern that was mentioned before as a reflecting pattern for the short period and as a continues pattern for the medium and long periods.
By forming this bottom the next bottom will be above the bullish trend line to indicate the possibility of forming a new bullish channel to lead the expectations to form the next top at the level 1.4150 that may coincides with the possible channel top line.
This expectation have a target at the level 1.4275 that represents 127% continues level for the bearish move from 1.4150 to 1.3697; in order to reach that target the pair should break the resistance level 1.4150.
This expectations depends on the stability of the support level 1.3880.
Res. 1.4052 1.410 1.4199
Pivot 1.3993
Sup. 1.3905 1.3846 1.3758
USDCHF
The pair is moving inside a bullish channel for the short period, at the end of the last week trades, the pair succeeded to rest the top line of this bullish channel and used it to reflect back trying to test the bottom line of this bullish channel almost at the level 0.9663, if this level held against the pair testing, it is normal to notice more rising during the intraday trades of today targeting the resistant level 0.9777 that represents 38.2% correction level for the bearish move from 1.0278 to 0.9467; and if the pair was able to break this level it may targets 50% level .
But in case of breaking this bullish channel in which the pair is moving inside, means the failure of completing the bullish corrective movement for the pair and means the continuation of the bearish movement for the medium period targeting the support level 0.9500 again but under the condition of breaking the support level 0.9635.
RES. 0.9775 0.9840 0.9996
Pivot 0.9719
Sup. 0.9654 0.9598 0.9533
USDCAD
The pair is continuing the formation of the bearish direction for the short period, where it achieved the lowest price during yesterday trades at the level 1.0155, it's expected that by breaking this level the pair will continue falling to form the rib (CD) for he harmonic pattern (AB=CD) which expected to end at the level 1.0095 which represents the completing (D) point for the pattern.
Breaking the level 1.0095 and the level 1.0070 which represents 76.4% bullish correction level (from 0.9977 to 1.0373) means that the bearish move will be continued to reach the level 0.9977.
This expectation depends on the stability of the resistance level 1.0300.
Res. 1.0260 1.0322 1.0375
Pivot 1.0207
Sup. 1.0145 1.0092 1.0030
AUDUSD
During yesterday trades the pair has achieved the highest price at the level 0.9970, reaching this level came after breaking the neck line for the head and shoulders pattern which considers a reflective pattern for the short period and a continues for the bullish direction for the medium and the long periods, a new top were formed at the level 0.9970 which pushed down the pair to retest the nearest support levels such as the level 0.9880 which represents 38.2% correction level for the bullish wave ( from 0.9750 to 0.9970 ) a new bottom were formed at this level during the last intraday trades to give a probability of forming the harmonic pattern ( AB=CD ), what confirms that pattern that the rib ( CD ) will end at the same area for the head and shoulders target which is located between the level 1.0095 which represents 127% continues level for the bearish move ( from 1.0000 to 0.9960 ) and the level 1.0120.
To complete forming the rib (CD) the level 0.9970 which represents the B point for the harmonic pattern must be broken and also the level at 1.0000.
This expectation depends on the stability of the support level 0.9880.
Res. 0.9977 1.0051 1.0128
Pivot 0.9900
Sup.0.9826 0.9749 0.9675
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Thursday 28-10-2010 Technical Analysis
EURUSD
The European currency remained falling against the American dollar during yesterday trades, whereas, the pair broke the support level 1.3795 which represents 23.6% correction level for the bullish direction (from 1.2644 to 1.4150), and continued falling to reach a new support level at 1.3730, at which, the pair formed a bottom, during the last intraday trades, which the pair used it to rise to retest the resistance level 1.3880, which with its breaking, the pair will continue rising, targeting the resistance level 1.3985 at which the price may coincides with the bullish trend line which has been broken down previously for the medium period.
The failure of breaking the resistance level 1.3880 means forming a bearish top at this level that the pair will use it to return falling to retest the support level 1.3730 which with its breaking and breaking the support level 1.3695, the pair will continue falling to reach the level 1.3575 which represents 38.2% correction level for the same bullish direction.
Res. 1.3855 1.3936 1.3995
Pivot 1.3793
Sup. 1.3709 1.3650 1.3566
GBPUSD
As it was expected yesterday, the pair succeeded to test the resistance level 1.5855, and it is noticed that, yet, the pair couldn't close above this level and reflected down slightly with a sideway direction under this level, which revealed that, the pair is trying to collect the needed momentum to break this level in order to reach the resistance level 1.6000 in order to break it.
So, it is not recommended to have bullish positions until confirming the breaking of the resistance level 1.5855 which will push the pair to target the resistance level 1.6000.
The stability of these expectations depends on the stability of the support level 1.5700, so, any breaking of these levels means the pair's ability to target the support level 1.5565.
Res. 1.5844 1.5921 1.5978
Pivot 1.5787
Sup. 1.5710 1.5653 1.5576
USDJPY
As observed for the USD\JPY pair; that the pair was able to go back to the rectangle pattern lines through the previous trades, in a bullish move caused the breaking of the bearish trend line for the medium and long periods, to face through the current trades 23.6% correction level for the last bearish move from 85.93 to 80.41.
In case the pair broke this level and traded above it; the pair will rise to reach 38.2% level that represents the pattern target in the bullish case, but if this level held against the pair rising, it may push down the pair to retest 80.40 level, and if the pair broke 80.40 level it will target 80.10 level which is the target for the rectangle pattern in the bearish case.
Res. 82.06 82.35 82.73
Pivot 81.68
Sup. 81.39 80.99 80.72
USDCHF
The pair is moving inside a bullish channel for the short period, and through the last periods the pair was able to reach this channel top line after the support level 0.9663 held and pushed the pair to pass the resistance area between the level 0.9805 and 0.9777 that represents 38.2% correction level for the bearish move from 1.0278 to 0.9467, to finally pass the 50% correction level.
And through the current trades the pair is facing the channel top line with passing 50% correction level, the stability of the 50% level may lead the pair for more rising during the upcoming intraday periods and it may reach 0.9968 that represents 61.8% correction level, then 1.0085 that represents 76.4% level, but in case the pair broke down 50% level it may have fall in order to find a good resistance the that may be around 0.9777 level.
RES. 0.9943 0.9981 1.0033
Pivot 0.9891
Sup. 0.9853 0.9801 0.9763
USDCAD
During yesterday trades the pair was able to break the resistance level 1.0300 to continue rising to the resistance level 1.0340, forming a new top at this level, which pushed the pair to Slid down from it during the last intraday trades, if this falling continued with the stability of the resistance level 1.0340 ; more falling will be expected to the support area which is between the level 1.0175 which represents 50% bullish correction level ( from 0.9977 to 1.0373 ) and the level 1.0155; breaking this area means more falling to the level 1.0070 which represents 76.4% level for the same mentioned bullish correction move.
.
Res. 1.0338 1.0396 1.0452
Pivot 1.0282
Sup. 1.0224 1.0168 1.0110
AUDUSD
As expected through yesterday's report, the pair continued falling to the support level 0.9660 to form a new bottom to rise from it during the last intraday trades to retest the nearest resistance levels, the forming bottom at the level 0.9660 coincides with the pitchfork channel midline to the bullish wave ( from 0.9660 to 0.9974 ) so the expectations for the pair are rising to the pitchfork top line which is expected to coincide with the 50% correction level for the bearish wave ( from 0.9974 to 0.9950 ), breaking this area means that the pair will continue forming the bullish directions for the medium and the long periods, targeting the retest of the resistance level 0.9974, but if the pair fails to break this area it means that a new bearish top will be formed for the short period. The pair will continue falling to the level 0.9530 which represents 38.2% bullish correction level (from 0.8770 to 1.0000).
Res. 0.9840 0.9963 1.0058
Pivot 0.9745
Sup.0.9622 0.9527 0.9404
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Monday 01-11-2010 Technical Analysis
EURUSD
The pair formed a bullish bottom during the trades of the week at the level 1.3805, the pair used this bottom to finish these trades high, with the beginning of this week trades, the pair registered a bullish gap to confirm the strength of the new bullish direction, through the formed bottom at the level 1.3805, a harmonic pattern AB=CD is formed, whereas, the level 1.3805 represents the C point with 61.8% correction level for the rip AB. As noticed in this chart, after covering the pair to the whole bullish gap, the pair rose again breaking the resistance level 1.3945 that represents the B point to continue forming the rip CD that expected to be completed at the resistance level 1.4025 which represents the D point. If the bullish strength continued with controlling the trades of the pair, it is expected more rising for the pair to reach the level 1.4080, at which, the price may coincides with the bullish trend line that broken down previously.
The stability of this bullish movement depends on the stability of the support level 1.3945.
Res. 1.3981 1.4038 1.4125
Pivot 1.3894
Sup. 1.3837 1.3750 1.3693
GBPUSD
As it was expected, the pair succeeded to rise at the end of the last week trades and to close above the resistance level 1.6000, this supports the pair to continue rising during today's intraday trades targeting the resistance level 1.6120, and what supports these expectations is the bullish gap which the pair began trading with this week, the pair fell during the Asian periods to close under this gap and indeed, the pair succeeded to close (cover) this gap and now, the pair reflected back rising after retesting the resistance level 1.6000.
The stability of these expectations depends on the stability of the support level 1.6000.
Res. 1.6082 1.6139 1.6242
Pivot 1.5979
Sup. 1.5922 1.5819 1.5762
USDJPY
As observed for the USD\JPY pair; that the pair was able to go back to the rectangle pattern lines through the previous trades, in a bullish move caused the breaking of the bearish trend line for the medium and long periods, to face through the previous trades 23.6% correction level for the last bearish move from 85.93 to 80.41.
Which pushed the pair back to the bearish move to break the rectangle bottom line and to retest the broken bearish trend, with approaching 80.40 area, if the pair was able to trade under the 80.40 level with passing the bearish trend line; it may have more bearish move to trade under 80.10 level, but if the previous mentioned level held; it may push the pair back to retest 23.6% level.
The previous analysis remains
Res. 80.87 81.28 81.50
Pivot 80.65
Sup. 80.24 80.02 79.61
USDCHF
The pair is moving inside a bullish channel for the short period, and through the last periods the pair was able to reach the channel top line after the support level 0.9663 held and pushed the pair to pass the resistance area between the level 0.9805 and 0.9777 that represents 38.2% correction level for the bearish move from 1.0278 to 0.9467, to finally pass the 50% correction level.
And through the previous trades the pair faced the channel top line, which pushed the pair down to retest 0.9805 support level, then to reflect from this level to trade around the bullish channel midline, and formed a triangle pattern.
If 0.9805 held with the stability of 23.6% correction level for the bearish move from 1.0676 to 0.9467, it may push the pair up to break the pattern top line with breaking 38.2% correction level for the same move, and the pair will target 1.0005 as the pattern target; but if the pair was able to break the 23.6% level with breaking the channel bottom line the pair will may have a bearish move in order to target 0.9666.
RES. 0.9890 0.9941 0.9973
Pivot 0.9858
Sup. 0.9807 0.9775 0.9724
USDCAD
During last week trades the pair failed of breaking the confined support area between the level 1.0175 which represents 50% correction level for the bullish move ( from 0.9977 to 1.0373 ) and the level 1.0155, where this area coincides with the pitchfork's midline for the bullish wave ( from 1.0155 to 1.0340 ). During the intraday trades the pair is trying again to break this area which is expected to break it with breaking the midline pitchfork that the pair will fall with the support level direction which represents 76.4% correction level for the same mentioned direction, with breaking the level 1.0070 it's also expected that there is a further drop for the pitchfork bottom line.
This expectation depends on the stability of the resistance level 0.1.245.
Res. 1.0251 1.0288 1.0329
Pivot 1.0210
Sup. 1.0173 1.0132 1.0095
AUDUSD
As was expected the pair rose back to test the resistance level 0.9812 that represents 50% correction level for the bearish move from 0.9974 to 0.9950 that coincides with the pitchfork top line, and with this week opining the par rose strongly to form a bullish gab to confirm the strength of the bullish move, and through the last trades the pair was able to cover this gab to return to the bullish move reaching the resistance level 0.9898 that represents 76.4% correction level for the same move, breaking this level will bring more rise in order to reach 0.9974, and if the bullish strength remains , it will push the pair to break 0.9974 level with breaking 1.0000 to continue registering a new records targeting the 1.0060 level.
This expectation depends on the stability of the support level 0.9812.
Res. 0.9860 0.9913 1.0004
Pivot 0.9768
Sup. 0.9714 0.9623 0.9569
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Tuesday 2-11-2010 Technical Analysis
EURUSD
Through the bullish movement of yesterday trades, the pair completed the negative harmonic pattern AB=CD , whereas, the pair finished the rip CD at the area 1.4010 forming a top that the pair used it to reflect back falling to retest the nearest support levels, this falling remained till the pair reached the level 1.3865, which represents one of the support levels of the bullish trend line which connects the A point to the C point.
During the last intraday trades, finishing forming a bottom at the support level 1.3865 which the pair used it to rise again targeting the resistance level 1.4010 to retest it, if the pair succeeded to break this level, it will continue rising to reach the level 1.4080 which is expected to be coinciding the price with the bullish trend line that has broken down previously.
The stability of this bullish movement depends on the stability of the support level 1.3865.
Res. 1.3983 1.4070 1.4130
Pivot 1.3923
Sup. 1.3836 1.3776 1.3689
GBPUSD
The pair is moving in a sideway movement since yesterday having a narrow trades above the level 1.6000 and seems like the pair is forming the needed momentum for rising which supports targeting the pair to the resistance level 1.6120 during today's intraday trades, if the pair succeeded to break up this level, the pair will target the resistance level 1.6180 immediately.
The stability of these expectations depends on the stability of the support level 1.6000.
Res. 1.6087 1.6135 1.6181
Pivot 1.6040
Sup. 1.5992 1.5945 1.5897
USDJPY
As observed for the USD\JPY pair; that the pair was able to go back to the rectangle pattern lines through the previous trades, in a bullish move caused the breaking of the bearish trend line for the medium and long periods, to face through the previous trades 23.6% correction level for the last bearish move from 85.93 to 80.41.
Which pushed the pair back to the bearish move to break the rectangle bottom line and to retest the broken bearish trend, with approaching 80.40 area, if the pair was able to trade under the 80.40 level with passing the bearish trend line; it may have more bearish move to trade under 80.10 level, but if the previous mentioned level held; it may push the pair back to retest 23.6% level.
The previous analysis remains
Res. 80.55 80.87 80.38
Pivot 81.04
Sup. 80.72 81.21 80.89
USDCHF
The pair is moving inside a bullish channel for the medium period, and through the last periods the pair was able to form a rectangle pattern, which was mentioned in the previous report that the pair will determine its direction by breaking one of this pattern lines, which the pair broke the top line of it during the previous trades using the support of the level 0.9805 to reach the channel top line and facing the 38.2% correction level for the bearish move from 1.0676 to 0.9467,
Generally the pair main direction for the medium periods remain the bullish direction which supported by the channel bottom line with 0.9805 support level, referring to the failure to achieve the goal of the pattern at 1.0005.
RES. 0.9999 1.0061 1.0150
Pivot 0.9901
Sup. 0.9830 0.9741 0.9670
USDCAD
During yesterday trades the pair used the bearish move for the short period to break the support area between the level 1.0175 which represents 50% correction level for the bullish move ( from 0.9977 to 1.0373 ) and the level 1.0155, during the intraday trades the pair is tending to break the pitchfork midline, with confirming this break; the pair will continue falling to the support level 1.0070 which represents 76.4% correction level for the same mentioned bullish move, with breaking the level 1.0070 it's also expected a further drop to the level 0.9977.
This expectation depends on the stability of the resistance level 1.0175.
Res. 1.0195 1.0237 1.0271
Pivot 1.0161
Sup. 1.0119 1.0085 1.0043
AUDUSD
As expected in the previous reports that the pair is on it's way to retest the resistance area which is between the level 0.9974 and the level 1.0000 and it's mentioned that the pair will be pushed up by a strong force after breaking from the resistance level 0.9812 which represents 50% correction level for the bearish wave ( from 0.9974 to 0.9950 ) and the upper pitchfork line and this is what happened during the last intraday trades where the pair trades at the mentioned resistance area, it's expected that with breaking this area the pair will continue rising to target the level 1.0060 which represents 127% continues level for the same bearish wave, it's also expected that the pair will rise to target the next level at 1.0175 which represents 161.8% continues level for the same bearish wave.
This expectation depends on the stability of the support level 0.9898.
Res. 0.9919 0.9965 1.0017
Pivot 0.9866
Sup.0.9821 0.9769 0.9723
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