GIGFX Daily Economic Analysis - page 5
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Monday 29-11-2010 Technical Analysis Report
EURUSD
European debt crisis still controls the trades of the pair during the last medium period, whereas, the European currency achieved a lower price against the U.S dollar with each statement that includes the failure of the negotiations about resolving the European debt crisis. Through the last week report it was mentioned that, the pair will continue falling once breaking the level 1.3284 and this what is confirmed already and the pair continued falling to reach the support level 1.3235 which represents 161.8% continuous level for the bullish wave (from 1.3445 to 1.3785), with the beginning of this week trades, the pair formed a bullish gap with approaching resolving the Irish financial problems, but the pair returned back and covered the whole gap and achieved a lower price at the level 1.3185. with noticing the price movement and the movement of the RSI index, it will be clear that, the positive divergence that reflects the direction is still continuous till now, so, during the upcoming trades with the new European good news it is expected that, the pair will use the formed bottom at the level 1.3185 to rise again in order to retest the resistance level 1.3284 which with its breaking, the pair will continue rising to reach the resistance level 1.3445 which expected to be coincides with the Pitchfork top line.
The stability of these expectations needs the stability of the support level 1.3185.
Res. 1.3340 1.3432 1.3502
Pivot 1.3270
Sup. 1.3178 1.3108 1.3016
GBPUSD
As it was expected, the pair continued falling during the whole trades of the end of the last week to reach the support level 1.5580 to test it which represents 200% continuous level, this level is still stable against the pair testing till now, it is expected that, the bearish direction will continue for the short period, but it will be a corrective reflection for this bearish movement during the intraday trades of today targeting the resistance level 1.5685, if the pair was able to break this level up, then, it will target the resistance level 1.5770.
So that, any bearish operations are not recommended until breaking the support level 1.5580 in order to target the support level 1.5430.
RES. 1.5714 1.5839 1.5908
Pivot 1.5645
Sup. 1.5520 1.5451 1.5326
USDCHF
As expected for the pair during last week trades, it was able to target the price for the last wave of the formed harmonic pattern, at the end of the last week trades the pair has retested the resistance level 1.0055 this level is still stabled till this moment which is reflected down expecting for it to continue falling to have a correction move for the bullish wave targeting to retest the support level 0.9970 during the intra day trades.
RES. 1.0059 1.0091 1.0128
Pivot 1.0022
Sup. 0.9990 0.9954 0.9921
USDCAD
The pair is still unable to break the bearish trend line for the long period till this moment, so the pair is most likely in the bearish direction, in case of continuing the trades under the bearish trend line, it's expected during the next trades that the support level 1.0176 will be retested which with breaking it down the pair will continue falling till the next support level at 1.0129.
This expectation depends on the stability of the resistance level 1.0245.
Res. 1.0271 1.0339 1.0432
Pivot 1.0178
Sup. 1.0110 1.0017 0.9949
AUDUSD
As expected in last week report, the harmonic pattern AB=CD is completed by reaching the level 0.9600 which represents the ( D ) point and this pattern is a positive pattern which means that the next trades will be shown as a reflective up. The pair is to retest the nearest resistance levels, one from it is the resistance level 0.9723 which with breaking it up means rising again to the resistance level 0.9850 but this bullish expectation depends on the stability of the ( D ) point level at the level 0.9600 because of breaking this level down means that the pair will continue forming the bearish direction for the medium period.
Res. 0.9768 0.9894 0.9971
Pivot 0.9690
Sup. 0.9565 0.9487 0.9362
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Wednesday 01-12-2010 Technical Analysis Report
EURUSD
The European currency continued falling against the U.S dollar, whereas, during yesterday trades, euro registered the lowest price against the U.S dollar in the past 11 weeks at the level 1.2965 When reaching this level, the pair formed a bottom that the pair used it to rise during the last trades, it is noticed that, the level 1.2965 is around the target of the harmonic pattern which is expected to be completed at the (D) point which represents the area between the level 1.2954 and the level 1.2900 that represents 261.8% continuous level for the (BC) rip. Will the pair satisfy this falling by reaching the level 1.2965? Or, will form a lower bottom at the (D) point? This is what will be answered through the upcoming trades. If the support level 1.2965 continued holding, it is expected that, the pair will continue rising during the upcoming trades in order to retest the nearest resistance levels, one of which is the level 1.3110 and the level 1.3180.
Res. 1.3100 1.3215 1.3280
Pivot 1.3034
Sup. 1.2918 1.2853 1.2737
GBPUSD
As it was expected yesterday, the pair fell but it was unable to reach the support level 1.5430 as it was expected through this bearish movement, now, the pair reflected up after registering the lowest price at the level 1.5483 and with this reflection, the pair reached the resistance level 1.5580 to test it, if this level held against the pair testing, the pair will continue falling targeting the support level 1.5430.
But in the case of good closing above the resistance level 1.5580 that means the pair will target the resistance level 1.5685 during the upcoming intraday trades, to close today's trades bullishly.
RES. 1.5606 1.5658 1.5721
Pivot 1.5546
Sup. 1.5497 1.5434 1.5386
USDCHF
Yesterday, the pair tried to break the support level 0.99702 where it could skip this level but failed to close below it, this is what pushed the pair up again testing the resistance level 1.0055 which still holds till now, and the movement of the pair during the short period trades is a sideways one between the resistance level 1.0055 and the support level 0.9970 to form a confusion area between those levels, breaking each of them supports the breaking direction.
RES. 1.0075 1.0118 1.0192
Pivot 1.0001
Sup. 0.9959 0.9884 0.9842
USDCAD
After several attempts, the pair was able to break the bearish trend line for the long period, and it also was able to break the resistance level 1.0245 marking the beginning of forming a new bullish direction for the short period, where the pair continued rising till the level 1.0280 which represents 76.4% correction level for the bearish direction ( from 1.0373 to 0.9987 ), the pair formed a top at this level to fall from it during the last intraday trades to retest the nearest resistance levels and forming a bullish bottom that will use it to rise trying to break the level 1.0280 which with breaking it up expected to rise till the level 1.0340, it's expected that the forming of the bullish bottom is between the level 1.0245 and the level 1.0220.
This expectation depends on the stability of the support level 1.0220.
Res. 1.0308 1.0353 1.0421
Pivot 1.0239
Sup. 1.0194 1.0127 1.0060
AUDUSD
During the last trades for the short period, some positive reflective signals appeared which caused a reflection for the bearish direction that dominants the pair. one of these signals for the reflective pattern ( bearish wedge ) and also the appearance of a positive divergence which will reflect the next direction from the RSI index, the pair is trying to break the upper limit for the bearish wedge to begin forming a corrective bullish direction for the short period, if breaking the upper limit is confirmed, the pair will continue rising till the target price for this pattern, and it's expected that it will be at the confined resistance area between the level 0.9697 which represents 38.2% correction level for the bearish direction ( from 0.9954 to 0.9538 ) and the resistance level 0.9720.
This expectation depends on the stability of the support level 0.9538.
Res. 0.9646 0.9711 0.9763
Pivot 0.9595
Sup. 0.9533 0.9481 0.9418
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Friday 03-12-2010 Technical Analysis Report
EURUSD
Yesterday trades saw the rise of the European currency against the American dollar for two consecutive days; this rising reflects the investors' optimism toward the most risky and high-yielding currency, this rising made the pair able to break the level 1.3159 which represents 23.6% correction level for the bearish direction (from 1.3785 to 1.2965) to continue rising targeting the level 1.3278 which represents 38.2% correction level for the same bearish direction, and it is expected to reach this level during the upcoming trades with the reference to that, the pair will continue rising in order to test the trend line which connect the (A) point with the (B) point for the positive harmonic pattern AB=CD which is expected to coincide with the resistance level 1.3375 which represents 50% correction level for the same mentioned bearish direction.
The stability of these expectations requires the stability of the support level 1.3060.
Res. 1.3282 1.3356 1.3472
Pivot 1.3172
Sup. 1.3097 1.2986 1.2911
GBPUSD
Yesterday, the pair failed to break the resistance level 1.5650 from which the pair reflected down to reach the support level 1.5505 in order to test it, to form a sideway channel pattern between those levels, and with the expectations of more rising for the pair during today's trades but under the condition of breaking the resistance level 1.5650 with a good close above it, if the pair succeeded in this, it will target testing the resistance level 1.5800.
This expectation depends on the stability of the support level 1.5505.
RES. 1.5672 1.5748 1.5829
Pivot 1.5592
Sup. 1.5517 1.5436 1.5362
USDCHF
Through the last two days, the pair traded in a sideways direction with a little rising up, forming a reflective pattern for the direction which is a bullish wedge that refers to the weakness of the buying strength. It is expected that, the pair will fall down but under the condition of breaking the support level 0.9970 in order to target the support levels 0.9890 then 0.9765. And what confirms these expectations is forming the harmonic pattern AB=CD which with its completing by the complete forming of the CD wave, it is supposed to reflect down. And it is noticed that the target of the CD wave was the resistance level 1.0055 which held against the pair testing during the last two days. This confirms the expectation of the corrective down reflection of the pair for the medium period and the bearish direction during this day's trades.
Yesterday analysis is still remaining till now
RES. 1.0064 1.0105 1.0144
Pivot 0.9957
Sup. 0.9859 0.9794 0.9694
USDCAD
The pair continued the bearish move during yesterday trades where it was able to broke the support level 1.0129 to reach the next support level 1.0071 which was mentioned before in yesterday report. the pair didn't stop it's movement by reaching this level but it continued falling down until it achieved the lowest price at the level 1.0025, it's expected that the level 1.0025 came to coincide with the pitchfork medium line which is graphed on the bullish wave ( from 0.9978 to 1.0280 ) to give the probability of forming a bearish bottom, if this bottom is completed by the stability of the level 1.0028 it's expected that the pair will retest the nearest resistance level which are the levels 1.0071 and 1.0129 which is expected in case of completion this scenario, a bearish top will be formed at these levels which will push down the pair again to retest the level 1.0025 which in case of breaking it at any time means falling till the support level 0.9978.
This expectation depends on the stability of the resistance level 1.0129.
Res. 1.0133 1.0242 1.0296
Pivot 1.0079
Sup. 0.9970 0.9916 0.9807
AUDUSD
As noticed in the chart, the pair was able to break the bearish trend line for the medium period and also was able to break the resistance level 0.9720 to rise and reach the level 0.9784 which represents 38.2 correction level for the bearish direction ( from 1.0182 to 0.9538 ) the pair is trading now at the level 0.9784 expecting breaking it up, the pair will continue rising targeting to break the bearish trend line at the level 0.9936 which represents 61.8% correction level for the same bearish direction. To reach this price target; the resistance level 0.9860 must be broken.
This expectation depends on the stability of the support level 0.9690
Res. 0.9822 0.9877 0.9976
Pivot 0.9723
Sup. 0.9668 0.9569 0.9514
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Monday 06-12-2010 Technical Analysis Report
EURUSD
The negative American data released at the end of the last week supported the rising of the European currency, as it was expected for this rising, the pair rose till reached the level 1.3375 which represents 50% correction level for the bearish direction (from 1.3785 to 1.2965) at which the price coincided with the bearish trend line which matches the (A) point with the (C) for the positive harmonic pattern AB=CD, the pair wasnt satisfied with reaching this level, but registered the highest price through the end of the last week trades at the level 1.2425 around the resistance level 1.3445, which represents the (B) point, if the buying strength still controls the trades of the pair, breaking the level 1.3445 is expected, whereas, the pair then will target to reach the level 1.2591, and these expectations are the most likely to happen during the upcoming trades.
The stability of these expectations requires the stability of the support level 0.3245.
Res. 1.3504 1.3582 1.3738
Pivot 1.3348
Sup. 1.3270 1.3114 1.3036
GBPUSD
During the end of the last week trades, the pair succeeded to break the resistance level 1.5650 as it was expected, reaching around the target at the level 1.5800 which was mentioned before, where recorded the highest price at the level 1.5787 and closed around this level, this is what supports the expectations of more rising during the intraday trades of today but under the condition of breaking the level 1.5800 up, in order to target then the resistance level 1.5860 which represents 61.8% correction level for the last bearish wave for the medium period then, it will target the resistance level 1.5945 which represents 76.4% of the same previous levels.
The stability of these expectations requires the stability of the support level 1.5650.
RES. 1.5852 1.5923 1.6058
Pivot 1.5716
Sup. 1.5645 1.5509 1.5436
USDCHF
As it was expected previously, the pair declined at the end of the last week trades till reached the mentioned target at the support level 0.9765, and it is the target of the bullish wedge which was formed on the movement of the pair for the medium period trades, whereas, the declining of the pair was strong, so, it is expected that, the pair will continue declining for the intraday levels of today targeting the support level 0.9610 but under the condition of breaking the support level 0.9695 which represents 61.8% correction level for the bullish wave (AD) for the medium period.
The stability of these expectations requires the stability of the resistance level 0.9890
RES. 0.9877 1.0024 1.0095
Pivot 0.9804
Sup. 0.9658 0.9585 0.9439
USDCAD
The pair is still trading till now above the support area which is a result of coinciding the level 1.0025 with the pitchfork midline that formed on the bullish wave ( from 0.9978 to 1.0280 ) if the stability of this area is continued; it's expected that the pair will rise until the level 1.0129 but in case of breaking the resistance level 1.0071 and this bullish move is intended to search on forming a bearish top will force the pair to return again for falling to reach the target price for the short period at the support level 0.9978 which expected reaching it in case of breaking the support level 1.0025 and also breaking the pitchfork midline.
Res. 1.0070 1.0113 1.0146
Pivot 1.0037
Sup. 0.9994 0.9961 0.9918
AUDUSD
As expected in the last week report that the pair has completed rising till the level 0.9936 which represents 61.8% correction level for the bearish direction ( from 1.0182 to 0.9538 ) and this level represents the target price from breaking the mentioned bearish trend line, it's expected for the next trades a further rise provided of breaking the level 0.9936 then reaching the level 1.0030 which represents 76.4% correction level for the same mentioned bearish direction.
This expectation depends on the stability of the support level 0.9785.
Res. 0.9999 1.0066 1.0196
Pivot 0.9869
Sup. 0.9802 0.9672 0.9605
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Tuesday 07-12-2010 Technical Analysis Report
EURUSD
The European currency fell against the US dollar during yesterday trades, this falling was a try to form a bullish bottom that is considered a part of a corrective bullish movement and the pair is forming it through the last short period and the continuation of this forming is expected during the upcoming trades. The formed bullish bottom is at the level 1.3245 which its importance had mentioned through yesterday report. The pair used the formed bottom through the last intraday trades to rise whereas, it is expected that, the pair will rise till reaching the resistance area between the level 1.3445 which represents the (B) point for the harmonic pattern and the level 1.3372 which represents 50% correction level for the bearish direction (from 1.3785 to 1.2965). Breaking up this area is important to continue the corrective bullish direction then the pair will rise targeting the level 1.3591.
The stability of these expectations requires the stability of the support level 1.3245.
Res. 1.3404 1.3500 1.3578
Pivot 1.3324
Sup. 1.3230 1.3149 1.3053
GBPUSD
Yesterday, the pair did not succeed to break the resistance level 1.5800 which still stable till now, the pair reflected retesting the support level 1.5650, and with the stability of this level against the pair testing, returns the expectations of more rising for the pair but a bullish positions are not recommended until breaking the resistance level 1.5800 to target then the level 1.5860 which represents 61.8% correction level for the last bearish wave for the medium period then the resistance level 1.5950.
The stability of these expectations requires the stability of the support level 1.5650.
RES. 1.5772 1.5834 1.5894
Pivot 1.5714
Sup. 1.5645 1.5594 1.5534
USDCHF
As it was expected previously, the pair declined at the end of the last week trades till reached the mentioned target at the support level 0.9765, and it is the target of the bullish wedge which was formed on the movement of the pair for the medium period trades, whereas, the declining of the pair was strong, so, it is expected that, the pair will continue declining for the intraday levels of today targeting the support level 0.9610 but under the condition of breaking the support level 0.9695 which represents 61.8% correction level for the bullish wave (AD) for the medium period.
The stability of these expectations requires the stability of the resistance level 0.9890.
Yesterday analysis is still remaining till now.
RES. 0.9885 0.9954 1.0034
Pivot 0.9805
Sup. 0.9736 0.9656 0.9587
USDCAD
As noticed in the chart, the pair has formed a continuous harmonic pattern which is the bearish flag, this pattern came to support the bearish dominant direction on the pair for the short period, it's expected that with breaking the lower limit for the pattern and with breaking the support level 1.00025 that the pair will continue falling till the support level 0.9978 which breaking it down is important to the pair to use on achieving the target price for the pattern at the level 0.9896 which represents 127% continuous level for the bullish direction ( from 0.9978 to 1.0286 ) at the same time.
This expectation depends on the stability of the resistance level 1.0080.
Res. 1.0086 1.0115 1.0147
Pivot 1.0054
Sup. 1.0025 0.9993 0.9964
AUDUSD
The pair’s last intraday trades was confined between the resistance level 0.9936 and the support level 0.9860 and this narrow trading range came to reflect collecting the momentum price which the pair will use to continuing rising and continuing forming the bullish correction direction for the short period, where from the expected with breaking the resistance level 0.9936 that the pair will continue rising till the level 1.0030 which represents 76.4% correction level for the bearish direction ( from 1.0182 to 0.9538 ).
This expectation depends on the stability of the support level 0.9860.
Res. 0.9932 0.9967 1.0006
Pivot 0.9891
Sup. 0.9856 0.9815 0.9780
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Wednesday 08-12-2010 Technical Analysis Report
EURUSD
Euro declines for the second consecutive day against the U.S dollar; this declining was due to the support of the Irish bad news. On the contrast, the U.S dollar rose after releasing the statements by U.S. President Barack Obama, who reported the approval of the U.S. administration to extend tax cuts for two years. It is noticed through the chart that, the pair broke the bullish trend line that was formed for the short period, also the support level 1.3245 has been broken, so, the pair declined during the last intraday trades. Now, the pair is in its way to test the level 1.3198 which represents 50% correction level for the bullish direction (from 1.2965 to 1.3427). breaking this level is important to continue declining till reaching the level 1.3077 which represents the target for breaking the bullish trend line for the short period, the stability of the level 1.3198 could give the probability of forming a positive harmonic pattern which means rising again for the pair in order to re-test the resistance levels 1.3245 and 1.3319.
Res. 1.3354 1.3448 1.3496
Pivot 1.3306
Sup. 1.3212 1.3164 1.3070
GBPUSD
Yesterday, the pair did not succeed to break the resistance level 1.5800, where tried to test it yesterday and succeeded to close above it where recorded the highest price at 1.5821 and failed to be stable then reflected back downwards till now breaking the bullish trend line for the short period and the intraday trades and the support level 1.5740 which represents 23.6% correction level for the last bullish wave for the short period, it is expected that the pair will continue falling during the intraday trades of today targeting the support level 1.5565 which represents 76.4% correction level.
The stability of this expectation depends on the stability of the resistance level 1.5740.
RES. 1.5817 1.5878 1.5934
Pivot 1.5760
Sup. 1.5699 1.5642 1.5581
USDCHF
Yesterday, the pair rose breaking the resistance level 0.9855 forming a harmonic pattern Gartley in the early forming stage and the end of the pattern is supposed to be with the end of the CD wave which is supposed to be between the resistance level 0.9950 and the level 0.9977, so, it is expected that, the pair will rise for the intraday levels targeting this area and that a down corrective reflection will occur just hitting this area but under the condition of the appearance of a negative signals for the pair, this vision will be confirmed by breaking the resistance level 0.9905 that the pair is testing now.
The stability of these expectations depends on the stability of the support level 0.9850.
RES. 0.9920 0.9960 1.0048
Pivot 0.9838
Sup. 0.9792 0.9710 0.9664
USDCAD
Although the pair has broke the bottom line for the bearish flag pattern, the pair didn't achieve a good close under the support level 1.0025 which was previously mentioned the importance of this level to continue falling, therefore it's found for the pair to rise again using the formed bottom at this level to break up the resistance level 1.0080, the pair is on it's way to target the resistance level 1.0145 which represents 50% correction level for the bearish direction ( from 1.0286 to 1.0004 ) breaking this level is important for the pair to continue the expected rising till the level 1.0219
The failing to break the level 1.0145 means falling again to retest the level 1.0080 which represents an important level for the pair; for the short period.
Res. 1.0162 1.0201 1.0276
Pivot 1.0087
Sup. 1.0048 0.9973 0.9934
AUDUSD
The U.S dollar returned again to rise facing the AUD dollar, where the pair didn't trade a lot yesterday above the resistance level 0.9936 but the pair was pushed down till the support level 0.9860 which was not able to hold for long against this falling, and the pair was able to break this level down to continue falling. the pair is trading at the support level 0.9784 which represents 38.2% correction level for the bearish direction ( from 1.0182 to 0.9690 ) and the previously broken up, breaking this level down again means targeting the pair to the next support level at 0.9690.
This expectation depends on the stability of the resistance level 0.9860.
Res. 0.9919 1.0012 1.0060
Pivot 0.9871
Sup. 0.9778 0.9730 0.9637
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Thursday 09-12-2010 Technical Analysis Report
EURUSD
As it was expected through yesterday report, the probability of forming a positive harmonic pattern (AB=CD) has been achieved, this pattern was completed at the level 1.3198 which represents 50% Fibonacci retracement level for the bullish direction (from 1.2969 to 1.3427), the pair formed a bottom at this level and used it to push rising till now. it is expected that, the pair will continue rising till reach the bearish trend line which matches the (A) point with the (B) point, at which the price is expected to coincide with the resistance level 1.3377 which represents 50% Fibonacci retracement level for the bearish direction (from 1.3785 to 1.2969). If the pair was able to break this area, it will continue rising till reach the resistance level 1.3427 which represents the (B) point for a Gartley negative harmonic pattern that is still in the forming stage and that will be confirmed with breaking this resistance. The rib (BC) represents 50% Fibonacci retracement level for the rib (AB). so, it is expected that, this pattern will be confirmed with reaching the (D) point which is located between the level 1.3592 which represents 76.4% Fibonacci retracement level for the rib (XA), and the level 1.3655 which represents 200% Fibonacci continuous level for the rib (BC).
The stability of these expectations requires the stability of the (C) point which represents the support level 1.3198.
Res. 1.3301 1.3340 1.3401
Pivot 1.3240
Sup. 1.3201 1.3140 1.3101
GBPUSD
Yesterday, the pair succeeded to reflect its direction and rose for the short period after hitting the resistance level 1.5675 which represents 23.6% Fibonacci retracement level for the last bearish medium-term wave, and reflected up to close above the resistance level 1.5790 which represents 38.2% Fibonacci retracement level and more rising is expected for the pair during the upcoming trades targeting the resistance level 1.5985 which represents 61.8% Fibonacci retracement level but first it should break the first resistance level 1.5890.
The stability of these expectations requires the stability of the support level 1.5790.
RES. 1.5869 1.5934 1.6037
Pivot 1.5768
Sup. 1.5701 1.5600 1.5533
USDCHF
The pair failed yesterday to gain more rising where it could not break up the resistance level 0.9895 but reflected back downwards trying to test the support level 0.9805 so, yesterday's expectations have been changed for the short term and intraday levels.
The pair is moving inside bullish channel till now for the short-term and intraday levels, so any bearish positions are not recommended until breaking the support level 0.9805 which represents 23.6% Fibonacci retracement level for the last short-term bearish wave
And also coincides with the bottom boarder of this channel in which the pair is moving.
These expectations require the stability of the resistance level 0.9895.
Yesterday analysis is still remaining till now.
RES. 0.9901 0.9941 0.9967
Pivot 0.9875
Sup. 0.9836 0.9809 0.9769
USDCAD
During yesterday trades the pair formed a top near the 1.0145 level which represents 50% Fibonacci retracement level for the bearish direction ( from 1.0286 to 1.0004 ) that pushed it down retesting the support level 1.0080 and forming a new bottom at this level, to continue at then the trades to be volatile and confused. with breaking several different levels it will determine the next trades directions, if the pair breaks the support level 1.0080 the pair will continue falling targeting the support level 1.0025 which may coincide at it the price with the bullish trend line for the medium period but in case of breaking the resistance level 1.0145 the pair will continue rising targeting the level 1.0219 which represents 76.4% Fibonacci retracement level for the latest mentioned bearish direction.
Res. 1.0148 1.0185 1.0227
Pivot 1.0105
Sup. 1.0070 1.0027 0.9992
AUDUSD
The pair formed a bottom at the support level 0.9750 which represents 50% Fibonacci retracement for the rib ( AB ) for the harmonic pattern AB=CD which is still in the forming process and will be confirmed with breaking the confined area which is between the level 0.9936 which represents 61.8% Fibonacci retracement level for the bearish direction ( from 10182 to 0.9538 ) and the level 0.9965 which represents the ( B ) point. it's expected in the next trades that the bullish action will be continued till the mentioned area, after breaking the level of the ( B ) point; the pair will continue rising till the level 1.0182 which represents the complement ( D ) point for the harmonic pattern. To reach this level; the resistance level 1.0030 must be broken.
This expectation depends on the stability of the support level 0.9750.
Res. 0.9849 0.9902 0.9951
Pivot 0.9800
Sup. 0.9747 0.9698 0.9645
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Friday 10-12-2010 Technical Analysis Report
EURUSD
During yesterday trades, euro declined against U.S dollar after forming a top at 1.3325 resistance level and used it to push falling till reached 1.3198 support level. Although registering a lower price through yesterday trades at 1.3162, but the pair did not achieve a good close below 1.3198 support, so, it is probably forming a Gartley negative harmonic pattern, this pattern will be confirmed with breaking 1.3427 resistance which represents the (B) point, and to reach this level it should break 1.3325 resistance which with its breaking, there is a strong signal that it will rise till reach 1.3655 resistance, breaking the (B) resistance point means more rising till reach the (D) point that completes the pattern and that is located between the level 1.3592 which represents 76.4% Fibonacci correction level for the rib (XA) and the level 1.3655 which represents which represents 2005 Fibonacci continuous level for the rib (BC).
The stability of these expectations requires the stability of the (C) point which represents 1.3198 support.
Res. 1.3318 1.3400 1.3477
Pivot 1.3240
Sup. 1.3159 1.3082 1.3000
GBPUSD
The pair remains in the short-term and intraday levels in a bullish movement till now, but this movement is a volatile one, so, this short-term and intraday levels bullish direction has some weakness, so, any bullish positions are not recommended until breaking 1.5795 resistance with a good close above it, this level is so important to determine the direction of the pair for the intraday levels for this day, and this level represents 38.2% Fibonacci correction level for the last medium-term bearish wave and also coincides with testing the pair to the medium-term bearish trend line.
The stability of these expectations requires the stability of 1.5675 support.
RES. 1.5966 1.5903 1.5966
Pivot 1.5773
Sup. 1.5706 1.5643 1.5576
USDCHF
The pair failed yesterday to gain more rising where it could not break up the resistance level 0.9895 but reflected back downwards trying to test the support level 0.9805 so, yesterday's expectations have been changed for the short term and intraday levels.
The pair is moving inside bullish channel till now for the short-term and intraday levels, so any bearish positions are not recommended until breaking the support level 0.9805 which represents 23.6% Fibonacci retracement level for the last short-term bearish wave
And also coincides with the bottom boarder of this channel in which the pair is moving.
These expectations require the stability of the resistance level 0.9895.
Yesterday analysis is remaining till now
RES. 0.9883 0.9932 0.9969
Pivot 0.9845
Sup. 0.9797 0.9760 0.9711
USDCAD
The trades is still on the pair till this moment, the trades are volatile and confusion between the resistance level 1.0125 and the support level 10.0080, it's expected that the pair will use this un certainty and volatility in collecting the momentum price will use it the pair again to form a clear direction for the next trades, in case of breaking the resistance level 1.0125, it's expected a further rise till the resistance level 1.0178 which represents 61.8% Fibonacci retracement level for the bearish direction ( from 1.0286 to 1.0004 ) and in case of breaking the support level 1.0080 the pair will continue falling targeting the support level 1.0025 which is expected to coincide at it the price with the bullish trend line for the medium period.
Res. 1.0131 1.0158 1.0190
Pivot 1.0100
Sup. 1.0072 1.0040 1.0013
AUDUSD
The pair formed a bottom at the support level 0.9750 which represents 50% Fibonacci retracement for the rib (AB) for the harmonic pattern AB=CD which is still in the forming process and will be confirmed with breaking the confined area which is between the level 0.9936 which represents 61.8% Fibonacci retracement level for the bearish direction ( from 10182 to 0.9538 ) and the level 0.9965 which represents the ( B ) point. it's expected in the next trades that the bullish action will be continued till the mentioned area, after breaking the level of the ( B ) point; the pair will continue rising till the level 1.0182 which represents the complement ( D ) point for the harmonic pattern. To reach this level; the resistance level 1.0030 must be broken.
This expectation depends on the stability of the support level 0.9750.
The previous analyze remains
Res. 0.9887 0.9939 0.9995
Pivot 0.9831
Sup. 0.9779 0.9723 0.9671
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