GIGFX Daily Economic Analysis - page 6
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Monday 13-12-2010 Technical Analysis Report
EURUSD
Euro continued declining against the U.S dollar at the end of the last week trades, whereas, the pair is still unable to break the short-term bearish trend line meanwhile, still unable to break 1.3175 support to confine the last trades in the area between the bearish trend line and 1.3175 support level. Breaking one of these levels is important to determine the upcoming trading direction for the pair, in the case of breaking the bearish trend line, the pair will continue rising till reaching the level 1.2427 but in the case of breaking 1.3175 support with good close below it, then the pair will continue declining targeting 1.3077 support level then to level 1.2969.
Res. 1.3284 1.3333 1.3388
Pivot 1.3232
Sup. 1.3181 1.3127 1.3076
GBPUSD
The pair remains on the short-term and intraday levels in a bullish movement till now, to face previously 1.5862 level facing the bearish trend line for the medium and the long periods, generally the pair is now at a confusing area, where the bullish trend line for the short periods supports the short bullish move, also the resistances that are represented by the bearish trend line for the medium and long periods with the resistance area between 1.5835 and 1.5860 prevents the pair rising. So in case the pair was able to pass the mentioned resistances it will continue rising to reach the 1.5900 area, but in case the pair broke down the support trend line it may fall to retest the nearest support levels such as, 1.5750 and 1.5705.
RES. 1.5867 1.5923 1.5979
Pivot 1.5807
Sup. 1.5753 1.5693 1.5639
USDCHF
It is clear that, the pair is still continuing the declining movement that has been formed through moving inside a bearish channel at the end of the last week trades.
During the intraday trades of today it is expected that the pair will continue declining inside the bearish channel, the pair is below 0.9843 resistance level which represents the top boarder of the channel. So, it is expected that, the pair may reach 0.9769 support level which represents the bottom boarder of the channel, but under the condition of breaking 0.9809 support level with stability below, this level represents 50% Fibonacci correction level for the last bullish wave.
The stability of these expectations depends on the stability of the pair below 0.9843 resistance level.
RES. 0.9829 0.9858 0.9875
Pivot 0.9812
Sup. 0.9783 0.9766 0.9737
USDCAD
In this chart; it's noticed that the pair has formed a symmetrical triangle pattern, which reflects the volatility and confusion situation that dominated the trades of the pair during the last trades for the short period, the last intraday trades was confined in the triangle head area which gives a confirmation for a near break to one of the triangle's boarders, then the trades will be continued in the same breaking direction. If the pair breaks the top boarder; it will continue rising targeting the level 1.0178 which represents the targeted price for the pattern in this bearish move and which also represents 61.8% Fibonacci retracement correction level for the bearish direction (from 1.0286 to 1.0004) but in case of breaking the bottom boarder; the pair will continue falling targeting the level 1.0004 which represents the target price for the pattern in this bearish move.
Res. 1.0113 1.0130 1.0145
Pivot 1.0100
Sup. 1.0081 1.0066 1.0044
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 till this moment
Res. 0.9888 0.9929 0.9959
Pivot 0.9858
Sup. 0.9821 0.9789 0.9725
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Friday 17-12-2010 Technical Analysis Report
EURUSD
As it was expected yesterday, the pair formed a bearish top at the board of the broken down bullish trend line from which, the pair was pushed down testing the important support level 1.3175 which succeeded to stop the pair’s declining and at which a new bottom was formed and returned the pair into a bullish move again during the last intraday trades.
It is noticed during the current trades, the pair is trying to confirm breaking the resistance level 1.3281 which coincides with the broken bullish trend line. If the pair succeeded to confirm this breaking with a good close above these levels, it will continue rising targeting the resistance level 1.3377 which with its breaking, the pair will rise till reach the level 1.3473 again.
Res. 1.3279 1.3314 1.3363
Pivot 1.3230
Sup. 1.3195 1.3046 1.3111
GBPUSD
The support level 1.5535 held against the pair testing yesterday, the pair reflected up re-testing the level 1.5655 which still holds against the pair till now. During the upcoming intraday trades it is expected that the pair will decline targeting the support level 1.5535 again, and in the case of breaking it down the pair will target the support level 1.4530, and what confirms this expectation is the existence of a negative divergence for the pair on the stochastic index below the chart.
The stability of these expectations requires the stability of the resistance level 1.5655.
RES. 1.5666 1.5700 1.5764
Pivot 1.5602
Sup. 1.5568 1.5504 1.5470
USDCHF
As it was expected yesterday, the pair succeeded to reach the resistance level 0.9725 which held and caused reflecting the pair down in order to continue its short-term bearish move, breaking the support level 0.9575 with the expectation that it will continue declining in the case of breaking this level, targeting the support level 0.9495 then 0.9415 during the upcoming intraday trades.
The stability of these expectations requires the stability of the resistance level 0.9675.
RES. 0.9705 0.9766 0.9798
Pivot 0.9673
Sup. 0.9612 0.9580 0.9519
USDCAD
As noticed in the chart, the pair formed a continuation pattern which is the symmetrical triangle; this pattern supports the dominant bearish direction for the pair during the last trades for the medium period. it's expected that after breaking the bottom boarder for the pattern, the pair will continue falling till it reach the targeted price for the pattern at the level 0.9920 which also represents 161.8% Fibonacci retracement continuous level for the bullish direction ( from 1.0004 to 1.0137 ), reaching this bearish targeted price, the support levels 1.0004, 0.9977 must be broken.
This expectation depends on the stability of the resistance level 1.0090
Res. 1.0078 1.0098 1.0122
Pivot 1.0054
Sup. 1.0034 1.0010 0.9990
AUDUSD
As expected in yesterday report the pair didn't complete forming the harmonic pattern AB=CD where the pair was able to break the bullish trend line which matches the point ( A ) and the ( C ) point, this break has coincided with the break of the support level 0.9936 to continue the pair’s declining till the support level 0.9860 which the intraday trades are around it. It is expected to break this level downwards where the pair will target the support level 0.9750 during the next trades.
Res. 0.9927 0.9953 1.0002
Pivot 0.9878
Sup. 0.9852 0.9803 0.9777
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Monday 20-12-2010 Technical Analysis Report
EURUSD
The European currency declined against the American dollar at the end of the last week trades, whereas, investors still have bullish positions on dollar due to the expectations of the American economic recovery, through the chart it is noticed that, a harmonic pattern AB=CD has been formed where, the rib (BC) represents 50% Fibonacci correction level for the rib (AB) so, it is expected that, the rib (CD) will be completed at 200% Fibonacci continuous level for the rib (BC). What confirms this pattern is closing the pair below the level 1.3208 which represents the (B) point, it is expected with the stability of this level which became a resistance level that, the pair will continue declining, forming the rib (CD) which ends at the support level 1.3060 and represents the (D) point that completes the harmonic pattern.
The stability of these expectations requires the stability of the resistance level 1.3208.
Res. 1.3319 1.3451 1.3544
Pivot 1.3226
Sup. 1.3094 1.3001 1.2869
GBPUSD
As it was expected at the end of the last week trades, indeed, the pair declined targeting the support level 1.5430 that was mentioned previously and reflected up trying to correct this bearish move, at the beginning of this week trades more medium-term declining is expected for the pair in order to form a harmonic pattern AB=CD and now it is in the forming stage to the last wave CD but with close below the level 1.5500 then it will target 1.5100.
The expectations of today's trades are that, the pair will reflect up trying to re-test the resistance level 1.5640 then will decline down again.
So that, bearish positions are not recommended until breaking the support level 1.5430 that the pair tried to test it at the end of the last week trades.
These expectations remains by the stability of the resistance level 1.5640.
RES. 1.5633 1.5736 1.5826
Pivot 1.5543
Sup. 1.5440 1.5350 1.5247
USDCHF
The support level 0.9580 succeeded to be stable against the pair testing for the second time, pushing the pair to rise and test the resistance level 0.9710 also for the second time, that caused the forming of the double bottom pattern that reflects the direction and that with breaking the neck line of the pattern which represents 0.9710 resistance level, the pattern will be confirmed.
If the pair succeeded to break this level up it is expected that, the pair will target the resistance level 0.9780 then the resistance level 0.9850.
RES. 0.9761 0.9821 0.9922
Pivot 0.9660
Sup. 0.9600 0.9499 0.9439
USDCAD
The Canadian dollar didn't hold for along against rising the U.S dollar whereas what was expected that the Canadian dollar will maintain rising which will support breaking the pair to the bottom board for the symmetrical triangle pattern but what happened is breaking the upper board for the pattern which came to confirm the strength of the U.S dollar, the pair has pushed up after breaking the upper board with breaking the resistance level 1.0090 where it reaches till the level 1.0145 which represents 50% Fibonacci retracement correction level for the bearish direction ( from 1.0286 to 1.0004 ) and this level represents the highest price for last week trades, it's expected that with breaking it during the next trades that the pair will continue rising till the level 1.0178 which represents the targeted price for the symmetrical triangle pattern and also represents 76.4 % Fibonacci retracement correction level for the same mentioned bearish direction.
This expectation depends on the stability of the support level 1.0090.
Res. 1.0172 1.0211 1.0278
Pivot 1.0104
Sup. 1.0062 0.9996 0.9954
AUDUSD
Till this moment the pair is still unable to break the support level 0.9860 which represents 50% Fibonacci retracement correction level for the bearish direction ( from 1.0182 to 0.9538 ) to form a new bottom at this level, and as mentioned in the chart this bottom formation gives a probability of forming a bullish channel but only if the trades are stable above the likely bottom board, in this case a bullish move is expected till the resistance level 0.9936 which with breaking it up the pair will continue rising again till the resistance level 1.0030.
This expectation depends on the stability of the support level 0.9860.
This analysis still remains till now
Res. 0.9924 0.9967 1.0009
Pivot 0.9882
Sup. 0.9839 0.9797 0.9754
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Tuesday 14-12-2010 Technical Analysis Report
EURUSD
Yesterday trades reflect optimism that controls investors towards high yield currencies and the most risky so, the European currency rose against the U.S dollar, it is mentioned through yesterday report that, if the pair could not hold the stability of 1.3175 support and broke the short-term bearish trend line, the pair will continue rising till reach 1.3427, and this is what happened already, whereas, the pair registered the highest price during yesterday trades by reaching 1.3433. Now, the pair is trading under 1.3427 resistance which represents the (B) point for Gartley negative harmonic pattern that is mentioned through the previous reports. Breaking the resistance point (B) means more rising till reaching (D) point which completes the pattern and located between the level 1.3592 which represents 76.4% Fibonacci correction 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 1.3280 support.
Res. 1.3488 1.3586 1.3739
Pivot 1.3335
Sup. 1.3237 1.3084 1.2986
GBPUSD
The pair is still holding the short-term and intraday levels bullish movement till now. And it is noticed that, the pair is moving inside a bullish channel and tested its bottom boarder yesterday and reflected up again testing 1.5890 resistance which has been mentioned previously with the expectation that, the pair will continue rising during the intraday levels of today targeting 1.5890 resistance which represents 61.8% Fibonacci correction level and also coincides with the top boarder of this bullish channel.
The stability of these expectations requires the stability of 1.5790 support.
RES. 1.5931 1.6002 1.6108
Pivot 1.5825
Sup. 1.5757 1.5646 1.5577
USDCHF
The pair is still moving bearishly till now, though, it could break 0.9725 to confirm forming the harmonic pattern AB=CD which still in forming stage of its last wave CD which its target supposed to be at 0.9575 support, so, it is expected that, the pair will continue declining during the intraday trades of today targeting this level, this expectation will be more confirmed by breaking 0.9675 support which represents 76.4% Fibonacci correction level for the medium-period last bullish wave.
The stability of these expectations requires the stability of 0.9725 resistance.
RES. 0.9802 0.9927 1.0004
Pivot 0.9725
Sup. 0.9600 0.9523 0.9398
USDCAD
As expected in yesterday report that the pair has broke the bottom board for the triangle pattern continuing falling till it achieved the lowest price for yesterday trades at the level 1.0027, the pair formed a bottom at this level rose from it again to retest the broken bottom board which is near the intraday trades, expecting forming a bearish top at this board then falling till the level 1.0004 which represents the target price for the pattern which with breaking it down; means falling till the support level 0.9977.
This expectation depends on the stability of the resistance level 1.0090.
Res. 1.0113 1.0150 1.0195
Pivot 1.0070
Sup. 1.0031 0.9988 0.9949
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 till this moment
Res. 1.0019 1.0077 1.0170
Pivot 0.9926
Sup. 0.9868 0.9775 0.9717
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Tuesday 21-12-2010 Technical Analysis Report
EURUSD
Yesterday trades saw the continuation of declining the European currency against the American dollar, the pair used this decline to form the bearish rib (CD) of the harmonic pattern AB=CD where, the pair registered the lowest price at the level 1.3095 in order to form a new bearish bottom, by observing forming the last bearish bottoms and the move of the stochastic index, a positive divergence that reflects the bearish direction is noticed, and indeed, reflected the price action during the last trades which marked by rising. It is expected that, the pair will continue rising in order to re-test the point (B) at the level 1.3208, if the pair succeeded to break this level, it will rise till reach the level 1.3276 at which the price may coincides with the bearish trend line that matches the point (A) with (B). and if the pair failed to break the level 1.3208, it will decline again till reach the support level 1.3060 which represents the point (B) that completes the harmonic pattern.
GBPUSD
Yesterday, the support level 1.5480 succeeded to be stable against the price testing for the second time, and supports the expectation of more corrective rising for the intraday levels of today, that may push the pair to test the resistance level 1.5695 but under the condition of breaking the resistance level 1.5605 with a good close above, then the pair will target the resistance level 1.5695.
These expectations still stable by the stability of the support level 1.5480.
RES. 1.5565 1.5620 1.5665
Pivot 1.5520
Sup. 1.5465 1.5420 1.5365
USDCHF
The pair was unable to break the resistance level 0.9170 as it was expected yesterday; this level held against the price testing and caused a downward reflection for the price, confirming the strength of the bearish direction and that the price unable to continue the corrective rising with the expectation of more declining during the upcoming trades targeting the support level 0.9510 but first, it should break the strong support level 0.9580 in order to confirm the tendency of the pair to reach the target.
The stability of these expectations requires the stability of the resistance level 0.9710.
RES. 0.9702 0.9756 0.9791
Pivot 0.9667
Sup. 0.9613 0.9578 0.9524
USDCAD
As expected in yesterday report that the pair was able to break the resistance level 1.0145 which represents 50% Fibonacci retracement correction level for the bearish direction ( from 1.0286 to 1.0004 ) to push the pair up again till the level 1.0178 which represents the targeted price for the symmetrical triangle pattern, although of achieving the pair the highest price for yesterday trades at the level 1.0208 but it didn't achieve a good close above the resistance level 1.0178 to form a bearish reflective candles at this level which will force the pair to fall again to retest the nearest support levels searching to form a bullish bottom will use it the pair to rise again trying to break the level 1.0178 which with breaking it the pair will continue rising till the level 1.0286, it's expected that a bullish bottom will be formed at the retest for the level 1.0145.
This expectation depends on the stability of the support level 1.0110.
Res. 1.0216 1.0266 1.0324
Pivot 1.0158
Sup. 1.0108 1.0050 1.0000
AUDUSD
In the mentioned chart ,the pair was able to use the stability of the resistance level 0.9860 to rise again whereas it was able to break the resistance level 0.9936 to retest the resistance level 0.9979 which represents 0.764 % Fibonacci retracement correction level ( from 1.0025 to 0.9830 ), during the trades for the last medium period which was expected that it is between the bullish channel, the pair is in process to form a negative harmonic pattern AB=CD and it is forming now the bullish rib ( CD ) which is expected to be continued after breaking the resistance level 0.9979 and 1.0025 which represents the ( B ) point, after these breakthroughs the pair will form the ( CD ) rib which will be completed at the confined area between the level 1.0078 which represents 127% Fibonacci retracement continuous level for the rib ( BC ) and the level 1.0100 one of the resistance levels for the top boarder of the bullish channel.
This expectation depends on the stability of the support level 0.9860.
Res. 0.9967 1.0000 1.0050
Pivot 0.9914
Sup. 0.9881 0.9828 0.9795
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Wednesday 22-12-2010 Technical Analysis Report
EURUSD
As it was expected yesterday, the pair re-tested the resistance area at the point B of the AB=CD positive harmonic pattern at the level 1.3208 forming a new top that pushed the pair to decline again and to continue forming the CD rib that has been completed by reaching the level 1.3075 which represents the lowest achieved price during yesterday trades.
Complete forming of the positive harmonic pattern with the continuation of the positive divergence that reflects the direction of the stochastic index with forming a bottom at the level 1.3075, all of these are signals confirm a beginning of forming a bullish direction during the upcoming trades. it is expected that the pair will continue rising in order to re-test the resistance level 1.3208 at which it is expected that the price will coincide with the bearish trend line that matches the point A with C. breaking the bearish trend line with breaking the level 1.3208 means rising till reach the level 1.3355.
The stability of these expectations requires the stability of the support level 1.3075.
Res. 1.3177 1.3253 1.3305
Pivot 1.3125
Sup. 1.3049 1.2997 1.2921
GBPUSD
The vision today is a medium-term one whereas, the price action is moving in narrow trades during the last days, thus, AB=CD harmonic pattern in the forming stage is noticed where, the pair succeeded to form a couple of pattern waves and the price action now is in the forming stage of the last wave CD, but in order to finish this pattern, the pair should break the level 1.5485 which represents the point B, it is also noticed that, the pair now is trading below this level but breaking it with a good close below did not confirmed.
It is expected that, the medium-term bearish wave will remain and if the pair rose during the intraday trades, it will be a corrective rising, targeting the resistance level 1.5580 then, the pair will continue declining.
And bearish positions are not recommended until breaking the level 1.5485 with a good close below is confirmed then, the pair wil target to reach the support level 1.5100 for the medium period.
RES. 1.5545 1.5622 1.5677
Pivot 1.5490
Sup. 1.5413 1.5358 1.5281
USDCHF
The pair was unable to break the resistance level 0.9170 as it was expected yesterday; this level held against the price testing and caused a downward reflection for the price, confirming the strength of the bearish direction and that the price was unable to continue the corrective rising with the expectations of more declining during the upcoming trades targeting the support level 0.9510 but first, it should break the strong support level 0.9580 in order to confirm the tendency of the pair to reach the target.
The stability of these expectations requires the stability of the resistance level 0.9710.
RES. 0.9636 0.9692 0.9729
Pivot 0.9599
Sup. 0.9543 0.9506 0.9450
USDCAD
During yesterday trades the pair has formed a new top at the resistance level 1.0208 which is the second consecutive top at this level. the conditions are enough for a reflective harmonic pattern for the bullish direction which is the double top to form, whereas the base of the pattern is at the support level 1.0150, breaking the base for the pattern is very important to confirm the pattern existence, confirming this break means that the pair will continue falling till the level 1.0092 which represents the targeted price for the pattern also if the pair succeeded on breaking the level 1.0092, the pair will continue falling directing to the next support level at 1.0004.
This expectation depends on the stability of the resistance level 1.0208.
Res. 1.0203 1.0233 1.0260
Pivot 1.0176
Sup. 1.0046 1.0119 1.0089
AUDUSD
In this chart ,the pair was able to use the stability of the resistance level 0.9860 to rise again whereas it was able to break the resistance level 0.9936 to retest the resistance level 0.9979 which represents 76.4 % Fibonacci retracement correction level ( from 1.0025 to 0.9830 ). During the trades for the last medium period which was expected that it is between the bullish channel, the pair is in process to form a negative harmonic pattern AB=CD and it is forming now the bullish rib ( CD ) which is expected to be continued after breaking the resistance level 0.9979 and 1.0025 which represents the ( B ) point, after these breakthroughs the pair will form the ( CD ) rib which will be completed at the confined area between the level 1.0078 which represents 127% Fibonacci retracement continuous level for the rib ( BC ) and the level 1.0100 one of the resistance levels for the top boarder of the bullish channel.
This expectation depends on the stability of the support level 0.9860.
This analysis still remains till now
Res. 1.0006 1.0036 1.0080
Pivot 0.9962
Sup. 0.9932 0.9888 0.9858
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Thursday 23-12-2010 Technical Analysis Report
EURUSD
Yesterday trades saw forming a top at the level 1.3175 which represents 23.6% Fibonacci correction level for the bearish direction (from 1.3497 to 1.3075) at which the pair was pushed down in order to retest the nearest support level one of which is 1.3075 level, forming a new bottom at this level and it is the second consecutive bottom at the same level, this confirms the conditions of the existence of a double bottom pattern that reflects the bearish direction, the top of this pattern is at the resistance level 1.3175. The existence of this pattern with completing the positive harmonic pattern AB=CD and the continuation of the positive divergence that reflects the bearish direction, all these are strong signals of returning the pair to rise again.
It is expected during the upcoming trades that the pair will rise in order to break the level 1.3175 at which the price is expected to coincide with the bearish trend line which matches the point A with C. breaking these levels is important for the pair to continue rising till reaching the level 1.3285 which represents the target of the pattern and also represents 50% Fibonacci correction level for the mentioned bearish direction.
In order to reach this target, the pair should break the resistance level 1.3208 which represents the point B of the harmonic pattern.
The stability of these expectations requires the stability of the support level 1.3075.
Res. 1.3160 1.3221 1.3262
Pivot 1.3119
Sup. 1.3059 1.3017 1.2956
GBPUSD
The pair on the medium-term was moving in narrow trades during the last days. It is noticed that the pair is in the forming stage of a harmonic pattern (AB=CD), the pair succeeded to form couple of waves for the pattern and now is forming the last wave CD.
As it was expected yesterday, the pair declined breaking the level 1.5484 which represents the point B of the pattern which was formed by reaching the lowest registered price at the level 1.5356.
It is expected on the short-term the continuation of the bearish wave for the pair and if the pair rose during the upcoming trades, it will be a corrective rising; its target is to test the resistance level 1.5485, then the pair will continue declining targeting the support level 1.5100 which represents the target of the wave CD for the formed pattern.
The stability of these expectations for the intraday levels of today requires the stability of the resistance level 1.5485.
RES. 1.5465 1.5548 1.5603
Pivot 1.5411
Sup. 1.5329 1.5274 1.5192
USDCHF
The pair continues declining that was started at the level 1.0065 so it is expected that it will continue declining till reaching the level 0.9406 which represents 127% Fibonacci continuous level for the last bullish wave.
These expectations requires the pair’s stability below the resistance level 0.9549 which represents 100% Fibonacci continuous level.
But if the pair succeeded to break this level with stability above, it will target the level 0.9670 which represents 76.4% Fibonacci continuous level for the mentioned bullish wave.
RES. 0.9572 0.9625 0.9659
Pivot 0.9538
Sup. 0.9485 0.9451 0.9398
USDCAD
During yesterday trades the pair was able to break the support level 1.0150 which represents the base for the reflective pattern; double consecutive tops whereas the pair has achieved the lowest price during yesterday trades at the level 1.0112, so it's expected that with breaking this level during the next intraday trades the pair will continue falling till the level 1.0092 which represents the pattern’s target and at the same time if the pair succeeds on breaking the level 1.0092, the pair will continue falling directing for the next support level at 1.0004 level.
This expectation depends on the stability of the resistance level 1.0150.
Res. 1.0171 1.0210 1.0240
Pivot 1.0141
Sup. 1.0102 1.0072 1.0033
AUDUSD
In this chart ,the pair was able to use the stability of the resistance level 0.9860 to rise again whereas it was able to break the resistance level 0.9936 to retest the resistance level 0.9979 which represents 76.4 % Fibonacci retracement correction level ( from 1.0025 to 0.9830 ). During the trades for the last medium period which was expected that it is between the bullish channel, the pair is in process to form a negative harmonic pattern AB=CD and it is forming now the bullish rib ( CD ) which is expected to be continued after breaking the resistance level 0.9979 and 1.0025 which represents the ( B ) point, after these breakthroughs the pair will form the ( CD ) rib which will be completed at the confined area between the level 1.0078 which represents 127% Fibonacci retracement continuous level for the rib ( BC ) and the level 1.0100 one of the resistance levels for the top boarder of the bullish channel.
This expectation depends on the stability of the support level 0.9860.
This analysis still remains till now
Res. 1.0015 1.0042 1.0075
Pivot 0.9982
Sup. 0.9955 0.9922 0.9895
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Friday 24-12-2010 Technical Analysis Report
EURUSD
The pair is still forming new consecutive bearish bottoms whereas, the stochastic index is forming a bullish bottoms this means the continuation of the positive divergence that reflects the direction. Through the bearish price action, a bearish wedge pattern that reflects the direction has been formed. It is expected that, the pair will response to these signals that reflect the current bearish direction to form a corrective bullish direction during the upcoming period; this bullish move will be confirmed with breaking the top boarder of the pattern and also with breaking the resistance level 1.3180 then, the pair will continue rising targeting to reach the target area that locates between the resistance level 1.3250 and the level 1.3276 which represents 50% Fibonacci correction level for the bearish direction (from 1.3497 to 1.3055).
The stability of this bullish move requires the stability of the support level 1.3055.
Res. 1.3157 1.3202 1.3253
Pivot 1.3106
Sup. 1.3061 1.3010 1.2965
GBPUSD
The pair on the medium-term was moving in narrow trades during the last days. It is noticed that the pair is in the forming stage of a harmonic pattern (AB=CD), the pair succeeded to form couple of waves for the pattern and now is forming the last wave CD.
And what confirms the strength of this pattern is that the pair succeeded to break the level 1.5484 which represents the point B so, on the short-term that the continuation of the bearish wave for the pair is expected, and if the pair rose during the upcoming trades, it will be a corrective rising; its target is to test the resistance level 1.5485, then the pair will continue declining targeting the support level 1.5100 which represents the target of the wave CD for the formed pattern.
The stability of these intraday levels expectations requires the stability of the resistance level 1.5484.
RES. 1.5451 1.5475 1.5514
Pivot 1.5412
Sup. 1.5388 1.5348 1.5325
USDCHF
The pair is still moving in a short-term bearish direction, during yesterday trades the pair hit the support level 0.9510 and reflected up trying to correct this bearish direction and trying also to test the bearish trend line at the level 0.9580, the pair is still trading below this trend line so, it is expected that, the pair will continue this bearish move for the intraday levels targeting to test the support level 0.9580 again.
The stability of these expectations requires the stability of the resistance level 0.9580.
RES. 0.9669 0.9750 0.9836
Pivot 0.9583
Sup. 0.9503 0.9416 0.9335
USDCAD
During yesterday trades the pair has achieved the target price for the double top reflective pattern, by reaching the level 1.0092, where the pair has achieved the lowest price for this trades at the level 1.0070, it's expected for the next trades with breaking the mentioned support area which is between the level 1.0092 and 1.0070 that the pair will continue falling targeting the support level 1.0004.
This expectation depends on the stability of the resistance level 1.0120.
Res. 1.0149 1.02003 1.0244
Pivot 1.0106
Sup. 1.0054 1.0019 0.9959
AUDUSD
The pair is still forming the bullish (CD) rib for the harmonic pattern AB=CD, whereas the intraday trades are above the resistance level 1.0025 which represents the (B) point, which confirms that the pair is approaching to reach the target price area for the harmonic pattern, which is located between the level 1.0078 that represents 127% Fibonacci retracement continuous level for the (BC) rib and the level 1.0100.
This expectation depends on the stability of the support level 0.9975.
Res. 1.0076 1.0106 1.0154
Pivot 1.0030
Sup. 0.9992 0.9958 0.9917
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