GIGFX Daily Economic Analysis - page 4
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EURUSD
As it was expected through yesterday report, the pair was able to break the resistance level 1.4010 then continued rising, through this rising, the pair formed a top between the levels 1.4050 and 1.4080, and by looking to the consecutive tops and bottoms which the pair formed during the short period and started from the support level 1.3732, it is noticed, the forming of a bullish direction between this bullish channel lines, so it is expected during the upcoming intraday trades that, the pair will continue falling from the mentioned top to retest the nearest support levels, and the target of this falling is to form a new bullish bottom that is expected to be at the level 1.3950 which represents one of the support levels for the bullish channel bottom line, after completing forming the bullish bottom it is expected that, the pair will rise again in order to retest the resistance area which located between the levels 1.4050 and 1.4080, breaking this area will push the pair up to reach the level 1.4150.
The stability of this bullish direction depends on the stability of the support level 1.3950.
Res. 1.4099 1.4166 1.4275
Pivot 1.3990
Sup. 1.3923 1.3814 1.3747
USDCHF
During the previous trades the pair moved under the bullish channel bottom line, after the facing of the channel top line with the 38.2% correction level for the bearish move from 1.0676 to 0.9467, to drop breaking the support of the level 0.9805 to reach 23.6% correction level, after, the pair reflect back from 23.6% level testing the 0.9805 level with testing the broken channel bottom line which coincided with the triangle bottom line; and if the previous levels held, it will push down the pair to break 23.6% level and to target 0.9705 then 0.9620 levels through the upcoming medium periods.
But if the pair was able to trade above 0.9805 level with the stability of 23.6% level; it may have a narrow trades between the two correction levels.
RES. 0.9899 1.0003 1.0074
Pivot 0.9828
Sup. 0.9724 0.9653 0.9549
USDCAD
The pair is still forming the bearish direction for the short period continuing the mentioned direction that was expected yesterday, that the pair will continue falling to the level 1.0070 which represents 76.4% correction level for the bullish move ( from 0.9977 to 1.0373 ) and this what exactly achieved where the pair recorded the lowest price during yesterday trades at the level 1.0080,it's expected that he pair will continue falling towards the support level 0.9977 which is expected to coincide with the pitchfork midline, to reach this level the support area must be broken which is between the level 1.0080 and the level 1.0070.
This expectation depends on the stability of the resistance level 1.0175.
Res. 1.0138 1.0186 1.0251
Pivot 1.0109
Sup. 1.0061 1.0032 0.9984
AUDUSD
Although of reaching 1.0023 as the pair record during yesterday; the pair didn't achieve a good close above the resistance area between the price 1.0000 and the level 0.9974. observation that the last trades is between this area, so if the pair rose again; it's expected to achieve a good close above this area in order to continue rising to the level 1.0060 which represents 127% continuous level for the bearish wave ( from 0.9974 to 0.9650 ), it's also expected that with breaking the level 1.0060 the pair will continue rising to target the next level at 1.0175 which represents 161.8% continuous level for the same bearish wave, but in case of failing to achieve a good close above this area it's expected that the pair will continue falling to retest the nearest support levels; such as 0.9915 level; which with it's stability a bottom will be formed to push up the pair to continue the mentioned expected bullish move.
This expectation depends on the stability of the support level 0.9898.
Res. 1.0052 1.0116 1.0210
Pivot 0.9958
Sup. 0.9894 0.9800 0.9736
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Thursday 4-11-2010 Technical Analysis
EURUSD
The announcement of the U.S. Federal Reserve pushed the euro for more rising against the U.S dollar, whereas, the pair was able to break the resistance area that is located between the levels 1.4050 and 1.4080, to continue rising to reach the level 1.4150 which represents one of the resistance levels of the top line for the bullish channel for the short period, it is expected that, the pair will continue the bullish direction, whereas, it is noticed that, during the current trades, the pair is trading near of the level 1.4150 which with its breaking and breaking the top line of the bullish channel, the pair will rise to reach the level 1.4272 which represents 127% continuous level for the bearish direction (from 1.4150 to 1.3697).
The stability of this bullish direction depends on the stability of the support level 1.3990.
Res. 1.4187 1.4244 1.4342
Piv. 1.4089
Sup. 1.4032 1.3934 1.3877
USDCHF
During the previous trades the pair moved under the bullish channel bottom line, after the facing of the channel top line with the 38.2% correction level for the bearish move from 1.0676 to 0.9467, to drop breaking the support of the level 0.9805 to reach 23.6% correction level, after, the pair reflect back from 23.6% level testing the 0.9805 level with testing the broken channel bottom line, and as it was expected previously, that the pair will be pushed down from these resistances to break 23.6% level to target 0.9705 during the medium periods, and through the previous trades the pair reached the 1ST target for the broken channel at 0.9670 to trade under 23.6% level, and with the stability of 23.6 and 0.9805 levels; it is expected that the pair will have more bearish move to break 0.9670 targeting 0.9590 as the channel final target.
if the pair was able to trade above 0.9805; it is expected to retest back the resistance level 38.2% correction level.
RES. 0.9790 0.9874 0.9924
Pivot 0.9742
Sup. 0.9660 0.9610 0.9528
USDCAD
The pair is still forming the bearish direction for the short period continuing the mentioned direction that was expected yesterday, that the pair will continue falling to the level 1.0070 which represents 76.4% correction level for the bullish move ( from 0.9977 to 1.0373 ) and this what exactly achieved where the pair recorded the lowest price during yesterday trades at the level 1.0080,it's expected that he pair will continue falling towards the support level 0.9977 which is expected to coincide with the pitchfork midline, to reach this level the support area must be broken which is between the level 1.0080 and the level 1.0070
.
This expectation depends on the stability of the resistance level 1.0175.
Res. 1.0143 1.0204 1.0252
Pivot 1.0095
Sup. 1.0034 0.9986 0.9925
AUDUSD
After several attempts during yesterday trades the pair succeeded to break the resistance area which is between the level 0.9974 and the level 1.0000; to give a good close above this area achieving the highest price for this trades at the level 1.0060 which represents 127% continuous level for the bearish wave ( from 0.9974 to 0.9650 ) where it's mentioned on yesterday report that the pair will rise up targeting this level after breaking this mentioned area, it's expected during next trades more rising in case of breaking the level 1.0060 then the pair will target the level 1.0175 which represents 161.8 % continuous level for the bearish wave.
This bullish expectation depends on the stability of the support level 0.9974.
Res. 1.0115 1.0173 1.0284
Pivot 1.0004
Sup. 0.9946 0.9835 0.9777
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Thursday 18-11-2010 Technical Analysis
EURUSD
The pair was able to break the bearish channel top line previously, that break was supported by a positive divergence, to provide a good signal for an upcoming bullish move through the next trades, where the pair is tending to target 1.3643 that represents 23.6% correction level for the bearish move from 1.4281 to 1.3446, and breaking this level is necessary in order to reach the broken channel target at 1.3765 that coincides with 38.2% correction level.
This expectation depends on the stability of the support level 1.3446.
Res. 1.3574 1.3621 1.3678
Pivot 1.3517
Sup. 1.3470 1.3413 1.3366
GBPUSD
The GBP\USD pair moved bearishly through the previous short periods; forming a double top pattern; then broke down this pattern bottom line at 1.5985, which caused more falling for the pair reaching the bullish trend line for the long periods, which stopped the bearish move, reflecting back to have a short bullish move.
It is expected that the pair will test 1.5985 level again, and if this level held; it will push down the pair to pass the bullish trend line and to target the 50% correction level for the bullish move from 1.5295 to 1.6298.
But in case the bullish trend line was able to be stable it may push the pair up to target 1.6184 level, but the pair have to pass 23.6% level in order to reach this target.
Res. 1.5951 1.5996 1.6042
Pivot 1.5902
Sup. 1.5857 1.5809 1.5762
USDCHF
The pair was able to form a atop at the level 0.9977 through the previous trades, which coincide with the pitchfork midline for the wave from 0.9972 to 0.9548, that top pushed the pair down in order to retest the nearest support levels, where it is observed that the pair broke down the bullish trend line that will be confirmed by a good close under the support level 0.9870 that coincides with 23.6% correction level for the bullish move from 0.9548 to 9977, breaking this level means more falling for the pair to target the pitchfork bottom line which expected to coincide with the support level 0.9763 that represents 50% correction level.
RES. 0.9965 1.0018 1.0059
Pivot 0.9924
Sup. 0.9871 0.9830 0.9777
USDCAD
The pair rose previously supported by the bullish channel, to form a top around 1.0280 that represents 76.4% correction level for the bearish move from 1.0373 to 0.9978, and that top coincided with facing the top line for the channel, which caused the pair to fall previously to test the nearest support level, where it's expected to test 1.0155 level that will coincide with the channel bottom line, and if the pair broke this level with breaking the channel bottom line; it will continue falling to target 1.0070 then 0.9977, but if 1.0155 level held; the pair will rise again to retest 1.0280 level then 1.0373.
Res. 1.0277 1.0309 1.0357
Pivot 1.0229
Sup. 1.0197 1.0149 1.0117
AUDUSD
The pair formed a positive divergence that may reflect the bearish short direction and confirmed that divergence with breaking the bearish trend line with 0.9831 level that represents 23.6% correction level from 1.0182 to 0.9723, which means more rising for the pair through the upcoming trades targeting 0.9898 level that represents 38.2% correction level.
This expectation depends on the stability of the support level 0.9723.
Res. 0.9844 0.9892 0.9951
Pivot 0.9785
Sup. 0.9737 0.9678 0.9630
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Monday 22-11-2010 Technical Analysis
EURUSD
During the last week trades, Euro rose against the U.S Dollar for the third consecutive day, at the beginning of the current week trades, Euro formed a bullish gap which confirms the strength of the corrective bullish movement for the bearish direction (from 1.4281 to 1.3446), through the previous reports it is was mentioned that, the pair is targeting the level 1.3765 which represents 38.2% correction level for the mentioned bearish direction, which represents also the target of the broken-up bearish channel, and that what was confirmed during the last trades by reaching the mentioned level, it is expected that, in case of breaking this level, the pair will continue rising targeting the level 1.4084 which represents 76.4% correction for the same bearish direction, but under the condition of breaking the levels 1.3864 and 1.3962 which represent 50% and 61.8% correction levels for the same bearish direction.
The stability of these expectations depends on the stability of the support level 1.3640.
Res. 1.3737 1.3795 1.3860
Pivot 1.3672
Sup. 1.3614 1.3549 1.3491
GBPUSD
The pair ended the last week trades falling, at the last Friday, although the pair gained last Thursday.
At this chart, a harmonic pattern appeared at the forming stage, and now is forming the last wave (CD) for the pattern, and it is supposed for the end of this wave to be locate around the area between the resistance level 1.6190 and the level 1.6270, so, it is expected, during the intraday trades of today, that the pair will rise targeting these levels, this target will be confirmed after breaking the resistance level 0.6080 which represents the B point which the pair fell from it during Friday trades.
The stability of these expectations depends on the stability of the support level 1.5930.
RES. 1.6072 1.6162 1.6231
Pivot 1.6003
Sup. 1.5913 1.5844 1.5754
USDCHF
The direction of the pair for the short period is bullish, and forming a gartly positive pattern is noticed, this pattern refers to the possibility of reflecting the pair down as a corrective reflection for the bullish direction for the short period but after the pattern complete forming, which supposed to be completed by reaching the probable reflection area for the D point that ends the pattern and located in the area located between the resistance level 1.0015 and the level 1.0055. so, the price should be observed when reach this area, though, the appearance of any positive signals means a beginning of a correction bullish direction to target the support level 0.9825 as the first target of this correction movement and that also coincides with the bottom line of the pitchfork bullish channel.
RES. 0.9982 1.0050 1.0104
Pivot 0.9928
Sup. 0.9860 0.9806 0.9738
USDCAD
With the opening for this week trades, the pair registered a bearish price gap that made the pair able to break the bottom line for the bullish channel for the short period and also enables the pair to break the support level 1.0155 to give more strength for the next bearish move for the pair which is expected to be seen for the pair during the next trades, where the pair is tending to fall targeting the level 1.0065 which is located at 23.6 % correction level for the bearish direction ( from 1.0373 to 0.9978 ) which was broken up before and also which represents the target for the broken channel.
This expectation depends on the stability of the resistance level 1.0220.
Res. 1.0222 1.0264 1.0295
Pivot 1.0191
Sup. 1.0149 1.0118 1.0075
AUDUSD
As expected in the last week report that the pair was forming the right shoulder for head and shoulders reflecting pattern, where the pair completed this shoulder during the last trades, then the pair rose up breaking the neck line for the pattern, in this trades the pair is trying to confirm breaking this line, confirming this breaking means a further rise to reach the target for the pattern which is expected to be between the level 1.0074 which represents 76.4% correction level for the bearish direction ( from 1.0182 to 0.9723 ) and the resistance level 1.0100.
This expectation depends on the stability of the support level 0.9810.
Res. 0.9908 0.9957 1.0004
Pivot 0.9861
Sup. 0.9812 0.9765 0.9716
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Wednesday 24-11-2010 Technical Analysis Report
EURUSD
The new American data released yesterday boosted the U.S Dollar against the European currency, whereas, the pair was able to break the support level 1.3575 to continue falling to reach the support level 1.3445 which has been broken, the pair also reached the lowest price at the level 1.3360 yesterday. Through yesterday report, it is noticed that, breaking the support level 1.3445 will push the pair falling down to reach the level 1.3370, now the pair is trading above the level 1.3353 which represents 127% continuous level for the bullish wave (from 1.3445 to 1.3785) at which, the pitchfork medium line coincides that was formed for the same bullish wave. The stability of this area gives the possibility of rising the pair to retest the level 1.3445 which became a resistance level, and if the pair was able to break it up, it will continue rising to reach the level 1.3575, but if the pair was able to break the support level 1.3353 with breaking down the pitchfork medium line, it will continue falling to reach the support level 1.3235 which represents 161.8% continuous level for the same mentioned bullish wave, and this is what expected for the upcoming trades but under the condition of confirming breaking the mentioned support levels.
Res. 1.3548 1.3726 1.3819
Pivot 1.3454
Sup. 1.3275 1.3182 1.3003
GBPUSD
As it was expected yesterday, indeed, the pair declined breaking the level 1.5895, reaching the support level 1.5805 to test it. today, the pair is confirming forming a harmonic pattern AB=CD and is in its way to finish the pattern by finishing the CD wave, this pattern is confirmed by breaking the support level 1.5840 and now the pair is retesting this level to continue falling for the short period and the intraday levels for today, targeting the support level 1.5685 which represents 161%continuous level for the BC wave and the end of the pattern which will be ended by reaching the pair to the D point, this point supposed to be in the area between the level 1.5685 and the support level 1.5635.
The stability of these expectations depends on the stability of the resistance level 1.5840.
RES. 1.5906 1.6038 1.6112
Pivot 1.5832
Sup. 1.5700 1.5626 1.5494
USDCHF
The direction of the pair is bullish for the short period, and it is noticed that, a negative Gartly harmonic pattern has been formed and refers to the possibility of reflecting the pair down as a corrective direction for the bullish direction for the short period but after the complete forming of the pattern which is supposed to be completed by reaching the probably reflection area for the D point (the end of the pattern) and which is located between the resistance level 1.0055 and the level 1.0085, so, the price must be observed when reaching this area because the appearance of any positive signals means a beginning of a downward correction movement to target the support level 0.9825.
So, it is expected that, the pair will rise up targeting the resistance level 1.0055 but after breaking the resistance level 0.9970 which the pair tried to break it and failed during yesterday trades, and what supports these expectations is the negative divergence with the stochastic index under the chart.
The stability of these expectations depends on the stability of the support level 0.9870.
Yesterday analysis is still remaining till now.
RES. 1.0017 1.0060 1.0144
Pivot 0.9933
Sup. 0.9890 0.9806 0.9763
USDCAD
As expected in yesterday's report that the pair has completed rising till the bearish trend line for the long period where the pair formed a top on the limits of the trend line, and this top coincides with the resistance level 1.00255 which formed at it a previous top during the last trades for the short period, forming double consecutive tops at the same level gives a probability of forming a reflective bullish pattern for the short period, and this pattern is the double consecutive tops where the base of the pattern at the support level 1.0129 which represents 38.2% correction level for the bearish direction ( from 1.0373 to 0.9978 ) which was broken up before, breaking this level downward will push the pair down at 1.0000 which represents the target for the pattern.
This expectation depends on the stability of the resistance level 1.0255.
Res. 1.0284 1.0322 1.0381
Pivot 1.0225
Sup. 1.0187 1.0128 1.0091
AUDUSD
During yesterday trades the pair was able to break the support level 0.9810 to continue falling until the level 0.9723 and this is what was expected in yesterday's report. during the last intraday trades it's noticed of forming a new bottom at the level 0.9723 which is the second consecutive bottom at the same level given by, this a probability of forming a reflective pattern for the bearish direction, for the short and medium periods, which is the double consecutive pattern; the top of this pattern is at the resistance level 0.9952 which represents 50% correction level for the bearish direction (from 1.0182 to 0.9723 ). to make sure of this pattern, the level 0.9810 must be broken which became a resistance level after breaking it down, breaking this level means rising again until the level 0.9952 which with breaking it up the pair will continue rising to the price target for the pattern.
This expectation depends on the stability of the support level 0.9723.
Res. 0.9838 0.9954 1.0018
Pivot 0.9773
Sup. 0.9657 0.9592 0.9476
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Friday 26-11-2010 Technical Analysis Report
EURUSD
Yesterday trades were in a narrow range between the support level 1.3284 and the level 1.3385, these narrow range reflects the forming of the momentum that the pair will use it to determine the next trades direction, if the pair responded to the positive signals of reflecting the bearish direction for the short and medium period, one of which is the positive divergence that reflects the direction, the level 1.3284 will be stable against any bearish for the pair then rising to reach the level 1.3385 which with its breaking, the pair will continue rising to reach the 1.3445 which also with its breaking up, the pair is expected to reach the level 1.3575, but if the pair succeeded to break the support level 1.3284, it will fall to reach the support level 1.3235 which represents 161.8% continuous level for the bullish wave (from 1.3445 to 1.3785) at which, price may coincide with the medium Pitchfork line, if the pair succeeded to break this area, it will continue falling to reach the support level 1.3105.
Res. 1.3408 1.3444 1.3502
Pivot 1.3344
Sup. 1.3302 1.3244 1.3203
GBPUSD
Yesterday, the pair continued the bearish direction for the short period inside a bearish channel and also forming a harmonic pattern AB=CD which supposed to be completed by reaching the D point which located between the support level 1.5680 and the level 1.5635, so that, during the next trades it is expected that, the pair will rise in order to target this area.
The stability of these expectations depends on the stability of the resistance level 1.5805.
RES. 1.5793 1.5827 1.5861
Pivot 1.5759
Sup. 1.5725 1.5691 1.5657
USDCHF
The direction of the pair is bullish for the short period, and it is noticed that, a negative Gartley harmonic pattern has been formed and refers to the possibility of reflecting the pair down as a corrective direction for the bullish direction for the short period but after the complete forming of the pattern which is supposed to be completed by reaching the probably reflection area for the D point (the end of the pattern) and which is located between the resistance level 1.0055 and the level 1.0085, so, the price must be observed when reaching this area because the appearance of any positive signals means the beginning of a downward correction movement to target the support level 0.9825.
So that, it is expected that, the pair will rise up targeting the resistance level 1.0055 but after breaking the resistance level 0.9970 which the pair tried to break it and failed during yesterday trades, and what supports these expectations is the negative divergence with the stochastic index under the chart.
The stability of these expectations depends on the stability of the support level 0.9870.
Yesterday analysis is still remaining till now
RES. 1.0036 1.0066 1.0112
Pivot 0.9990
Sup. 0.9960 0.9914 0.9884
USDCAD
During yesterday trades, the pair formed a bottom around the support level 1.0071, whereas, the pair failed to continue the expected falling reaching the level 1.0000, during the current trades, the pair is trying to retest the level 1.0129 which represents the base of the pattern (double bottoms) that has been broken down previously. If the pair succeeded to break this level up, it will rise again to reach the level 1.0176 which with its breaking up, the pair will continue rising to reach the bearish trend line for the long period. It is expected that, testing the trend line may coincides with the resistance level 1.0222, if the pair failed to break the resistance level 1.0129, it will fall to achieve the target of the pattern at the level 1.0000.
Res. 1.0118 1.0144 1.0165
Pivot 1.0097
Sup. 1.0071 1.0050 1.0024
AUDUSD
The pair failed to break the resistance level 0.9580 during yesterday trades, to fall from this level to retest the nearest support levels, the pair broke the bullish trend line for the short periods and is trying to confirm the breaking of the support level 0.9723 during the current trades, this level represents the (B) point for the (AB=CD) harmonic pattern which the pair is tending to form, and the (C) point represented by the resistance level 0.9850.
Generally, it is expected that the pair will continue falling in order to form the rib (CD) that suppose to be around the level 0.9600 representing the expected (D) point.
This bearish scenario requires the stability of the resistance level 0.9850.
Res. 0.9851 0.9894 0.9939
Pivot 0.9806
Sup. 0.9763 0.9718 0.9675
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