GIGFX Daily Economic Analysis - page 17
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Wednesday 6th of July 2011 GIGFX Technical Analysis Report
EUR/USD
As mentioned through the previous report that the EUR/USD pair continued rising during the trades of the last week reaching the resistance level 1.4570 which represents 76.4% of fibonacci's correction level for the last mid-term bearish wave forming a Gartley harmonic pattern, this level is supposed to be the end of this negative pattern which coincides with 61.8% correction level for the bearish move from 1.4940 to 1.3968 which reflected the bullish move leading the pair to fall facing 1.4455 level currently coinciding with 50% correction level, as if the pair was able to trade below this level it will continue falling targeting 1.4340 that coincide with 38.2% correction level, but if the pair traded above 1.4455 level it will continue rising in order to retest 1.4570 resistance.
Res: 1.4521 1.4614 1.4676
Pivot: 1.4459
Sup: 1.4366 1.4304 1.4211
Thursday 7th of July 2011 GIGFX Technical Analysis Report
EUR/USD
As mentioned through the previous report that the EUR/USD pair continued rising during the trades of the last week reaching the resistance level 1.4570 forming a Gartley harmonic pattern, this level is supposed to be the end of this negative pattern which coincides with 61.8% correction level for the bearish move from 1.4940 to 1.3968 which reflected the bullish move leading the pair to fall trading below 1.44555 level to cause more falling for the pair to achieve the expected target for the bearish move below 1.4340 level coinciding with 61.8% correction level for the last bullish move from 1.4104 to 1.4577, the pair may rise in order to retest appropriate resistance level such 1.4455 level which with it stability it will push the pair to break down 1.4340 level targeting 1.4200 support that coincide with 23.6% correction level for the main bearish move for the long trades.
Res: 1.4427 1.4536 1.4607
Pivot: 1.4356
Sup: 1.4247 1.4176 1.4067
Friday 8th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair fell yesterday reaching the important support level 1.4290 that represents 61.8% correction level for the CD wave for the formed harmonic pattern that reflected down the price to this level passing it to register 1.4221 as its lowest price for the yesterday trades, to close the trades above this level leading the expectations for the pair to continue rising during the intraday trades targeting the resistance level 1.4397 with a good chance that the pair may retest the support level 1.4290.
This analyze requires the stability of the support level 1.4290
Res: 1.6079 1.6155 1.6221
Pivot: 1.4319
Sup: 1.4264 1.4166 1.4111
GBP/ USD
Yesterday trades were in a narrow range reflects the collecting of the needed momentum which the pair will use it to form the upcoming direction, it was expected that the pair will decline till the support level 1.5913 which represents the target of the rectangle pattern but it is noticed that the pair was unable to break the support level 1.5945 as it formed more than one bottom at this level with the existence of a positive divergence that reflects the bearish direction, it is expected that the pair will respond to the negative signs and will begin to form a corrective bullish direction that will be confirmed by breaking the resistance level 1.6010 upside then it will target to reach the level 1.6114 again.
The stability of these expectations requires the stability of the support level 1.5945.
Res: 1.6011 1.6050 1.6083
Pivot: 1.5978
Sup: 1.5939 1.5906 1.5867
USD/CHF
As it is noticed through this chart, the pair is about to break the resistance level 0.8455 which represents the top border of the channel, if the pair closed above this level it will target the resistance level 0.8524 trying to form a new top.
But if the pair held below the resistance level 0.8445 it will target the support level 0.8428 which represents 38.2% of fibonacci's correction level for the bullish direction and if the pair held below this level it will continue declining targeting the support level 0.8397 which represents 50.0% of fibonacci's correction level followed by the support level 0.9363 which represents 61.8% of the same fibonacci's correction level.
Res: 0.8498 0.8553 0.8613
Pivot: 0.8438
Sup: 0.8383 0.8323 0.8268
USD/CAD
The USD/CSD pair is facing the support level 0.9577 without forming a new bottom during the previous trades, to lead the expectations for the pair to continue falling targeting the support level 0.9545 that represents 127% continuous level for the bullish direction, and the stability of the pair below this level will give the chance for the pair to reach the support level 0.9508 that represents 161.8% continuous level then 0.9463 that represents 200% continuous level.
This analyze requires a good close below the support level 0.9577.
Res: 0.9643 0.9703 0.9741
Pivot: 0.9605
Sup: 0.9545 0.9507 0.9447
AUD/USD
The pair continued its bullish movement during the last two days reaching the important resistance level 1.0780 to retest it for the third time during the previous medium trades, passing this level will push the pair to target the resistance level 1.0825 then 1.0870, put this look needs a good close above the mentioned resistance level, but if this resistance held it will push the pair down as happened during the previous two times to target then the support level 1.0695 as the first target for the falling process.
So the buying operation is not recommended unless the breaking of the resistance level 1.0780 with a good close above it.
Res: 1.0807 1.0840 1.0901
Pivot: 1.0746
Sup: 1.0713 1.0652 1.0619
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Tuesday 12th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The EUR continued its falling against the USD affected by the EURO zone debt crises, as the pair fell strongly to break all the expected support levels previously, leading the expectations for further falling during today's trades after it was able to break the support level 1.3980 during the Asian period, which represents 127% continuous level for the last bullish wave for the short trades, to continue falling targeting 1.3815 level that represents 161.8% continuous level for the same wave then 1.3635 support level.
This analyze requires the stability of the resistance level 1.4030
Res: 1.4175 1.4321 1.4416
Pivot: 1.4080
Sup: 1.3934 1.3839 1.3693
Friday 15th of July 2011 GIGFX Technical Analysis Report
EUR/USD
The pair was unable to achieve more gains during yesterday trades as the resistance level 1.4240 held against the pair testing then the pair reflected from this level forming the harmonic pattern gartley, now the pair is moving in the range of the last wave of that pattern expecting more declining during today's intraday trades targeting the support level 1.4030 which represents the end of this formed harmonic pattern.
The stability of these expectations requires the stability of the resistance level 1.4240.
Res: 1. 4243, 1. 4344, 1. 4408
Pivot: 1. 4179
Sup: 1. 4078 1. 4014 1. 3913
Monday 18th of July 2011 GIGFX Technical Analysis Report
EUR/USD
As it was expected through the last analysis, the pair declined targeting the support level 1.4030 at which the formed harmonic pattern for near-term ends expecting more declining during today's intraday trades targeting the support level 1.3940 with the probability of re-testing the resistance level 1.4120 so it is not recommended to have bearish positions until the pair break the support level 1.4030 with stability below it.
The stability of these expectations requires the stability of the resistance level 1.4120.
Res: 1.4206 1.4255 1.4312
Pivot: 1.4149
Sup: 1.4100 1.4043 1.3994
Tuesday 19th of July 2011 GIGFX Technical Analysis Report
EUR/USD
During yesterday trades the EUR/USD pair formed a new bottom at the support level 1.4015 to near from forming the Gartley harmonic pattern which is moving now inside the last CD pattern's wave which is targeting the resistance level 1.4460 to end the pattern at this level but the resistance level 1.4280 which represents the pattern's B point with a good close must be broken before achieving this scenario.
This scenario depends on the support level 1.4015 stability.
Res: 1.4158 1.4205 1.4277
Pivot: 1.4086
Sup: 1.4039 1.3967 1.3920
Wednesday 20th of July 2011 GIGFX Technical Analysis Report
EUR/USD
During yesterday trades the EUR/USD pair formed a new bottom at the support level 1.4015 to near from forming the Gartley harmonic pattern which is moving now inside the last CD pattern's wave which is targeting the resistance level 1.4460 to end the pattern at this level but the resistance level 1.4280 which represents the pattern's B point with a good close must be broken before achieving this scenario.
So it is not recommended to have bullish positions until the pair break the resistance level 1.4280 with stability above it.
This scenario depends on the support level 1.4015 stability.
Res: 1.4225 1.4295 1.4373
Pivot: 1.4147
Sup: 1.4077 1.3999 1.3929
Thursday 21st of July 2011 GIGFX Technical Analysis Report
EUR/USD
The pair succeeded to reach the resistance level 1.4281 during the last trades and also to form a new bottom at the support level 1.4015 forming gartley harmonic pattern which is moving in the range of the last wave CD that targets the resistance level 1.4460 to end the pattern at this level but under the condition of breaking the resistance level 1.4281 which represents the point B above it, it is expected for the near-term trades that the pair will target the resistance level 1.4380 before reaching the resistance level 1.4460 but if the level 1.4281 held it is expected to decline targeting to re-test the support level 1.4110.
Res: 1.4257 1.4300 1.4362
Pivot: 1.4195
Sup: 1.4152 1.4090 1.4047