GIGFX Technical Analysis For Majors (Updated Daily)

[GIGFX]

Monday 4th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

The trades of the end of the last week saw the pair’s declining targeting to re-test the broken up bearish trendline where a bottom has been formed and coincided with the trendline and pushed the pair to rise again achieving a close around the resistance level 1.4248, at the beginning of this week trades it is expected that the pair will rise targeting the resistance level 1.4310 followed by the resistance level 1.4389 which represent 127% and 161.8% of Fibonacci's continuous levels for the bearish wave (From 1.4248 to 1.4020) and in order to reach these levels, the pair should break the resistance level 1.4248 with stability above.

The stability of these expectations requires the stability of the support level 1.4160.

Res: 1.4292 1.4360 1.4475
Pivot: 1.4177
Sup: 1.4109 1.3994 1.3926


GBP/ USD

As it was expected at the end of the last week trades, the pair succeeded to reach the support level 1.5985 which became a suitable bottom to achieve more gains for the intraday levels and for the short-term, the pair reflected up forming a harmonic pattern AB=CD which is almost done by reaching the resistance level 1.6185 which represents the point D for the formed pattern expecting the probability of corrective declining to the pair for the intraday levels targeting the support level 1.6080 before continuing to rise again trying to form a new top for this bullish wave for the short-term and the intraday trades expecting that, this formed top may be at the resistance level 1.6225 which represents 61.8% of Fibonacci’s correction level for the last bearish wave for the medium-term.
It is important to notice that, the support level represents 61.8% of Fibonacci’s correction level for the last bearish wave BC and at the same time represents a middle line for a bullish channel in which the pair is moving expecting remaining the pair inside this channel during today's intraday trades.

The stability of these expectations requires the stability of the support level 1.6080.


Res: 1.6171 1.6231 1.6331
Pivot: 1.6071
Sup: 1.6011 1.5911 1.5851



USD/CHF

It is noticed that the pair is forming a bullish direction for the short and the medium-term, this direction has been formed through moving inside a bullish channel for the short and the medium-term, the pair formed a bearish top coincided with the top border of the bullish channel that will push the pair to re-test the nearest support levels, expecting more decline for the pair targeting the bottom border of the bullish channel at which the price coincides with the level 0.9177 that represents 38.2% of Fibonacci's correction level for the bullish wave (From 0.8915 to 0.9339).

The stability of these expectations requires the stability of the resistance level 0.9290.


Res: 0.9330 0.9414 0.9489
Pivot: 0.9255
Sup: 0.9171 0.9096 0.9012



USD/CAD

As expected at the end of last week trades the pair declined trying to complete the (butterfly) harmonic pattern by reaching the price to the support level 0.9590 which represents the D point for the end of the pattern the pair was able to break the important support level 0.9670 which represents the X point for the pattern at the end of last week trades expecting for it a further drop during the intraday trades targeting the previous mentioned support level 0.9590.
Notable, that the formed pattern is a positive harmonic pattern which refers to the probability of reflecting the price up with a corrective reflection by a strong probability therefore with reaching the price to the end of the pattern it is recommended to observe the pair the price on appearance any reflecting sign for the price which means that there's a probability on reflecting the price up retesting the resistance level 0.9670 as it's first targeted price for this correction.

Success of this scenario up depends on the stability of the resistance level 0.9670.


Res: 0.9689 0.9737 0.9770
Pivot: 0.9656
Sup: 0.9608 0.9575 0.9527



AUD/USD

The Australian dollar is continuing the strong rising against the American dollar whereas during the end of last week trades, the pair registered a new record by reaching the level 1.0394, with opening this week trades the pair is continuing achieving a new records reaching the level 1.0416 nearest to 200% Fibonacci retracement continuous level for the direction ( from 1.0312 to 1.0202 ), this strong bullish move for the pair is still embodied through the movement inside the bullish channel therefore a further rise is expected with breaking the resistance level 1.0422 , the pair will target reaching the level 1.0506 which represents 161.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ) which is expected to coincide at it the price with the top border for the bullish channel.

This expectation depends on the stability of the support level 1.0334.


Res: 1.0416 1.0446 1.0498
Pivot: 1.0364
Sup: 1.0334 1.0282 1.0252

 

[GIGFX]

Tuesday 5th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

Yesterday trades were in a narrow range, this reflects collecting of the needed momentum that the pair will use to determine the upcoming direction, the pair is unable to break the resistance level 1.4248 till now and if the pair broke this level with stability above during the upcoming trades, it will continue rising for short and medium-term targeting to reach the resistance level 1.4310 followed by the resistance level 1.4389 which represent 127% and 161.8% of Fibonacci's continuous levels for the bearish wave (from 1.4248 to 1.4020). If the pair broke the support level 1.4165, it will push declining to form a corrective bearish direction targeting to reach the support level 1.4050.


Res: 1.4261 1.4302 1.4337
Pivot: 1.4226
Sup: 1.4185 1.4150 1.4109



GBP/ USD

As it was expected through yesterday report, the pair reflected downwards after the pair completed forming the harmonic pattern AB=CD reaching the support level 1.6110 which represents 38.2% of Fibonacci's correction level for the last bearish wave for the medium-term expecting to take the needed push from the area between the support level 1.6110 and the level 1.6080 to form a bottom then it will rise upwards again targeting the resistance level 1.6225 but under the condition of breaking the resistance level 1.6185.

The stability of these expectations requires the stability of the support level 1.6080.


Res: 1.6170 1.6209 1.6243
Pivot: 1.6136
Sup: 1.6097 1.6063 1.6024



USD/CHF

As it was expected through yesterday report, the pair continued declining achieving the lowest price at the level 0.9190 around the support level 0.9177 which represents 38.2% of Fibonacci's correction level for the bullish wave (from 0.8915 to 0.9339) that is expected to be reached. The pair formed a bottom at the level 0.9190 and the pair used it to rise re-testing the nearest resistance level, the pair was unable to break the resistance level 0.9255 during the Asian market trades with a strong sign to continue declining during the upcoming trades to re-test the level 0.9190 at which the price is expected to coincide with the bottom border of the bullish channel in which the pair is still moving. Breaking the coinciding area means returning the pair to continue declining for the long-term targeting to reach the support level 0.9077.

The stability of these expectations requires the stability of the resistance level 0.9255.


Res: 0.9264 0.9299 0.9336
Pivot: 0.9227
Sup: 0.9192 0.9155 0.9120



USD/CAD

As noticed in the chart, the pair tried to complete the AB=CD harmonic pattern but the CD rib did not complete at the support level 0.9591 whereas the pair is now at the resistance level 0.9681, if the pair is able to break this level with stability above it then the pair will continue rising till reaching the resistance level 0.9729 which represents the B point with it's stability above this level means that the there's a probability for the pair to reach the C point at the resistance level 0.9828.
But in case of the pair inability to break the resistance level 0.9681, this gives the chance for the pair to complete the CD rib and completing the pattern at the level 0.9591.


Res: 0.9697 0.9727 0.9769
Pivot: 0.9655
Sup: 0.9625 0.9583 0.9553



AUD/USD

The last intraday trades saw breaking the bottom border for the bullish channel for the medium and the short-terms with a strong sign on the pair’s ability of forming a corrective bearish direction, it's noticed that there's a complement positive divergence for the bullish direction from the stochastic index, therefore to confirm the pair’s ability on forming the corrective bearish direction, the support level 1.0295 must be broken with a good close below it.
The pair will continue declining till reaching the level 1.0200 initially, but if the pair breaks the resistance level 1.0370 the positive divergence will be confirmed then the pair will continue rising till reaching the level 1.0422 then the level 1.0506.


Res: 1.0405 1.0451 1.0486
Pivot: 1.0370
Sup: 1.0324 1.0289 1.0243

 

[GIGFX]

Wednesday 6th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

During yesterday trades, the pair formed a bullish bottom using the support level 1.4165 that was mentioned through the last report, the pair pushed from the formed bottom till reached to re-test the resistance level 1.4248 and tried to be stable during the last intraday trades, through rising and declining, the pair formed a harmonic pattern AB=CD where the support level 1.4165 represents the point C and the resistance level 1.4248 represents the point B so that, with breaking the point B, the pair will continue forming the bullish rib CD which targets to reach the confined area between the level 1.4360 and the level 1.4389 which represents 161.8% of Fibonacci’s continuous level for the bearish wave (from 1.4248 to 1.4020) which represents the point D that completes the pattern.

The stability of these expectations requires the stability of the support level 1.4165.


Res: 1.4261 1.4300 1.4355
Pivot: 1.4206
Sup: 1.4167 1.4112 1.4073




GBP/ USD

As it was expected yesterday, the pair rose targeting the resistance level 1.6225 in a violent trades and buying momentum that led to breaking up this level reaching the resistance level 1.6350 that the pair is testing now, it is expected that the pair will continue rising during today's intraday trades targeting the resistance level 1.6399 at which the pair formed a top previously for the medium-term, this level is important because it will determine the upcoming direction during the short and the medium-term trades.

The stability of these expectations requires the stability of the support level 1.6290.


Res: 1.6364 1.6432 1.6569
Pivot: 1.6227
Sup: 1.6159 1.6022 1.5954



USD/CHF

The pair is still moving inside a short and medium-term bullish channel, yesterday trades were in a narrow range which reflects collecting of the momentum that will determine the next direction. It is noticed that the pair is trying to form a new top at the resistance level 0.9290 and it is the second consecutive top at the same level thus, the first condition of existing the double bottom reversal pattern is available. The last condition of existing this pattern is breaking the neck line at the support level 0.9210, so it is expected during the upcoming trades that, the pair will decline testing the support level 0.9210 at which the price will coincide with the bottom border of the bullish channel, and if the pair was unable to break down this area, this means declining the pair till reaches the level 0.9127 which represents 50.0% of Fibonacci's correction level and at the same time represents the target of the pattern.

The stability of these expectations requires the stability of the resistance level 0.9290.


Res: 0.9280 0.9308 0.9346
Pivot: 0.9242
Sup: 0.9214 0.9176 0.9148



USD/CAD

As noticed in the chart, the pair yesterday was not able to break the resistance level 0.9681 then it reflected again to complete the CD rib for the AB=CD harmonic pattern, completing the pattern at the support level 0.9591 but the support level 0.9617 must be broken to complete the CD rib by reaching the D point, therefore it's expected in that case; the pair will retest the resistance level 0.9681 and the stability above it, will give the pair a chance to target the resistance level 0.9729 which represents the B point.

This expectation depends on the stability of the pair above the resistance level 0.9591 which represents the D point.


Res: 0.9661 0.9687 0.9705
Pivot: 0.9643
Sup: 0.9617 0.9599 0.9573




AUD/USD

As expected in yesterday report, the pair formed a bottom at the level 1.0295 supported by the complement positive divergence bullish direction, whereas the pair is on it's way to retest the bottom border for the previous broken down bullish channel, if the pair is able to break this bottom border with breaking the resistance level 1.0422, the pair will continue rising till reaching the resistance level 1.0506.

This expectation depends on the stability of the support level 1.0295.


Res: 1.0370 1.0413 1.0455
Pivot: 1.0328
Sup: 1.0285 1.0243 1.0200

 

[GIGFX]

Thursday 7th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

Yesterday trades saw the confirmation of breaking the resistance level 1.4248which represents the point B of the harmonic pattern AB=CD, the European currency continued rising against the American dollar and succeeded to break the resistance level 1.4310 to end yesterday trades achieving the highest price at the level 1.4350 around the point D. the pair formed a top and used it to decline during the Asian market period trying to form a new bullish bottom that is expected to be around the support level 1.4275, the pair will use this bottom to rise targeting to reach the resistance level 1.4389.

The stability of these expectations requires the stability of the support level 1.4248.


Res: 1.4384 1.4437 1.4525
Pivot: 1.4296
Sup: 1.4243 1.4155 1.4102



GBP/ USD

Yesterday, the pair continued rising till reached the level 1.6330 that has been tested two consecutive times and still resisting the rise of the pair and this led the pair to form a double tops pattern that shifts the bullish direction to bearish direction, but in order to confirm this pattern forming, the pair should break the support level 1.6260 which represents the base of the pattern to target then the support level 1.6200 which represents 38.2% of Fibonacci's correction level for the last bullish wave for the near-term.

The stability of these expectations requires the stability of the resistance level 1.6330.


Res: 1.6376 1.6422 1.6482
Pivot: 1.6316
Sup: 1.6270 1.6210 1.6164



USD/CHF

As it was expected through yesterday report, the pair formed the second top for the double tops harmonic pattern at the resistance level 0.9290 and it was pushed declining breaking the neck line of the pattern at the support level 0.9210 and also broke the bottom border of the bullish channel in which the pair was moving for the near and the medium-term. The pair continued declining till reached the level 0.9127 which represents 50.0% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339) and also represents the target of the pattern. After the pair exited out of the range of the bullish channel, the pair may target to reach the level 0.9015 which represents 76.4% of Fibonacci's correction level but under the condition of breaking the support levels 0.9127 and 0.9077.

The stability of these expectations requires the stability of the resistance level 0.9210.


Res: 0.9276 0.9363 0.9436
Pivot: 0.9203
Sup: 0.9116 0.9043 0.8956




USD/CAD

Yesterday the pair has completed the CD rib from the AB=CD harmonic pattern till it reached the support level 0.9588 and it gives a rising doji sign therefore the pair during the intraday trades will make a corrective rise which began since completing the previous mentioned CD rib the pair first targets is the resistance level 0.9681 and breaking the pair to this level and the stability above it, the pair will continue rising till it targets the resistance level 0.9729 which represents the B point for the formed pattern.


Res: 0.9641 0.9677 0.9714
Pivot: 0.9604
Sup: 0.9531 0.9669 0.9495



AUD/USD

Continuality for what was mentioned during the previous reports that the pair is continuing rising targeting a new record by reaching the level 1.0449 during yesterday trades after succeeding the pair on breaking the resistance level 1.0422, during the Asian trades the pair was able to break also the level 1.0449 continuing targeting a new records, therefore it's expected that the bullish move will be continued by reaching the level 1.0506 which represents 161.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ).


Res: 1.0487 1.0535 1.0622
Pivot: 1.0400
Sup: 1.0352 1.0265 1.0217

 

[GIGFX]

Friday 8th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

The ECB raised the interest rates 0.25% and this supports the rise of the European currency against the American dollar whereas, the pair is in the forming stage of another harmonic patter AB=CD where the rib BC represents 50.0% of Fibonacci's correction level for the rib AB so it is expected that, the rib CD will be completed at 200% of Fibonacci's continuous level for the rib BC, after the resistance level 1.4350 which represents the point B that has been broken during the Asian market trades, the pair will continue rising till reaching the level 1.4455 which represents 200.0% of Fibonacci's continuous level for the rib BC and also represents the point D that completes the pattern.

The stability of these expectations requires the stability of the support level 1.4350.


Res: 1.4349 1.4390 1.4443
Pivot: 1.4296
Sup: 1.4255 1.4202 1.4161



GBP/ USD

Yesterday, the pair continued rising after forming a pirate flag pattern which supports the continuity of the bullish direction. The pair broke the top border of this pattern reaching the resistance level 1.6380 that the pair is testing till the moment expecting more rising during today's intraday trades, supported by the formed pattern that was formed on yesterday's price action targeting the resistance level 1.6490 but under the condition of breaking the resistance level 1.6380.

The stability of these expectations requires the stability of the support level 1.6320.


Res: 1.6357 1.6393 1.6441
Pivot: 1.6309
Sup: 1.6273 1.6225 1.6189



USD/CHF

The pair is continuing its corrective bearish direction after breaking the bottom border of the bullish channel for the short and the medium-term. During the last trades, the pair tried to confirm breaking the support level 0.9127 which represents 50.0% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339), if the pair broke this level with stability below, this will force the pair to decline targeting the level 0.9015 which represents 76.4% of Fibonacci continuous level for the same mentioned bullish direction furthermore, it also represents the target of breaking out of the bullish channel.

The stability of these expectations requires the stability of the resistance level 0.9190.


Res: 0.9192 0.9220 0.9240
Pivot: 0.9172
Sup: 0.9144 0.9124 0.9096



USD/CAD

The pair direction is the bearish direction for the medium and the short-terms whereas a harmonic pattern AB=CDis formed on the price movement and the pair is moving now in the last wave of the pattern which is the CD wave which also targets the support level 0.9479 to complete the pattern by forming this wave, therefore it's expected forthe pair to continue declining ( with the probability of retesting the price to the resistance level 0.9612 which represents the B point for the formed pattern ).

But succeeding this scenario up depends on the stability of the resistance level 0.9612.


Res: 0.9611 0.9643 0.9664
Pivot: 0.9590
Sup: 0.9558 0.9537 0.9505



AUD/USD

Continuality for what was mentioned in the previous reports that the pair is continuing rising achieving a new record by reaching the level 1.0506 during yesterday trades after succeeding the pair to break the resistance level 1.0449, the pair will try to get out of this bullish channel during the intraday trades to form a new bullish direction reaching the level 1.0695 which represents 200% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ), expecting that the price will get out of this channel after breaking the resistance level 1.0506 with a good close above it.

This expectation depends on the stability of the support level 1.0449.


Res: 1.0511 1.0555 1.0604
Pivot: 1.0462
Sup: 1.0418 1.0369 1.0325

 

[GIGFX]

Monday 11th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

The trades of last week saw the continuity of declining the European currency against the U.S dollar as the pair achieved the highest price in 15 months at the level 1.4482, by reaching this level, the pair completed the harmonic pattern AB=CD which was targeting the level 1.4455 that represents the point D that completes the pattern. Despite of this bearish beginning of this week's trades, this declining will not remain for a long time as it is expected with breaking the level 1.4482 that, the pair will continue rising targeting to reach the next resistance level at 1.4521.

The stability of these expectations requires the stability of the support level 1.4350.


Res: 1.4545 1.4609 1.4736
Pivot: 1.4418
Sup: 1.4354 1.4227 1.4163



GBP/ USD

The bullish direction is still dominating the price action of the pair for the near and long-term and also for the intraday levels. it noticed that the pair formed a harmonic pattern AB=CD and is moving in the range of the last wave CD which is supposed to target the resistance level 1.6490 in order to complete the pattern.

The stability of these expectations requires the stability of the support level 1.6325.


Res: 1.6440 1.6489 1.6553
Pivot: 1.6376
Sup: 1.6327 1.6263 1.6214



USD/CHF

The pair continued its corrective bearish direction for the short-term as it succeeded to break the support level 0.9127 which represents 50.0% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339). The last intraday trades were at the support level 0.9077 expecting to break this level down targeting the level 0.9015 which represents 76.4% of Fibonacci's correction level for the same bullish move and also represents the target of breaking out this bullish channel.

The stability of these expectations requires the stability of the resistance level 0.9127.


Res: 0.9140 0.9196 0.9225
Pivot: 0.9111
Sup: 0.9055 0.9026 0.8970


USD/CAD

As noticed in the char for the medium and the long-terms, the pair is taking the bearish direction as a main direction till it's stability inside the bearish channel therefore it's expected that the pair will continue declining till re-testing the support level 0.9460 which represents the lower border for the bearish channel but if the pair broke the resistance level 0.9570 which represents the top border for the channel and the stability of the pair above it, then the pair will target the resistance level 0.9657.


Res: 0.9594 0.9628 0.9663
Pivot: 0.9559
Sup: 0.9525 0.949 0.9456


AUD/USD

Although of breaking the resistance level 1.0506 which represents 161.8% Fibonacci retracement complement level for the bearish direction ( from 1.0200 to 0.9705 ) however it's still unable to break the top border for the bullish channel, whereas the pair registered a new record by reaching the level 1.0565, expecting with succeeding in breaking this level and with getting out of the bullish channel then the pair will start to form a bullish sub-direction by reaching the level 1.0695 which represents 200% Fibonacci retracement continuous level for the same previous mentioned bearish direction.

This expectation depends on the stability of the support level 1.0506.


Res: 1.0601 1.0640 1.0715
Pivot: 1.0526
Sup: 1.0487 1.0412 1.0373

 

[GIGFX]

Tusday 12th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

During yesterday trades the pair was unable to break the resistance level 1.4482 forming a top and used it to decline to re-test the nearest support levels and what helped this declining is forming the harmonic pattern completely. It is expected that, the pair will continue declining during the upcoming trades to test the support level 1.4350 at which the price is expected to coincide with the bullish trendline which matches the point A with C. If a bottom has been formed in the coinciding area, the pair will rise targeting to re-test the resistance level 1.4482 again, but in the case of breaking the support level 1.4350 the pair will decline targeting to reach the level 1.4245.

Res: 1.4472 1.4509 1.4535
Pivot: 1.4446
sup: 1.4409 1.4383 1.4346



GBP/ USD

After the pair faced the resistance level 1.6425 twice, it reflected downwards forming a double top reversal pattern in which the bottom border coincides with 23.6% of Fibonacci's correction levels for the last bullish wave for the near-term and the targets of this pattern also coincide with these Fibonacci's correction levels, after the pair broke the support level 1.6310 which represents the base line for the pattern, it is expected to target testing the support level 1.6240 as the first targets for the formed pattern which coincides with 38.2% of Fibonacci's correction level that was mentioned before and in the case of succeeding the pair to break this level it will target immediately to reach the level 1.6180 which represents 50.0% of the same Fibonacci's levels.

The stability of these expectations requires the stability of the resistance level 1.6310.


Res: 1.6407 1.6471 1.6518
Pivot: 1.6360
Sup: 1.6296 1.6249 1.6185



USD/CHF

As was expected through yesterday report, the pair continued declining till reached the level 0.9015 which represents the target of breaking out the bullish channel and at the same time represents 76.4% of Fibonacci's correction level for the bullish move (from 0.8915 to 0.9339). With the confirmation of breaking the level 0.9015 with stability below it is expected that, the pair will continue declining till reaches the next support level at 0.8915.

The stability of these expectations requires the stability of the resistance level 0.9127.


Res: 0.9097 0.9129 0.9154
Pivot: 0.9072
sup: 0.9040 0.9015 0.8983


USD/CAD

After trading the pair during the previous medium and the long-terms inside the bearish channel, at the beginning of the intraday trades the pair broke the top border of the channel which gives some expectations that the pair during the upcoming intraday trades is dominated by the bullish direction and will try reaching the resistance level 0.9657 which tried to reach it yesterday but the pair must break the resistance level 0.9614 but also the pair may retest the support level 0.9571 which represents the top border for the channel.

This expectation depends on the stability of the pair above the support level 0.9571


Res: 0.9579 0.9595 0.9614
Pivot: 0.956
Sup: 0.9544 0.9525 0.9509



AUD/USD

The pair formed a new bullish top at the level 1.0579 using the top border for the bullish channel which the pair is still moving inside this channel for the medium and the short-terms, the pair was pushed down from this top till it reached the bottom border, if the last bearish wave represents the begin of the corrective bearish direction then the lower border for the bullish channel must be broken also with breaking the trend line 23.6% Fibonacci retracement correction level for the bullish direction ( from 0.9705 to 1.0579 ) then the pair will continue declining till the support level 1.0290 which is expected to coincide at it the price with the line 38.2% Fibonacci retracement correction level for the same mentioned bullish direction.


Res: 1.0554 1.0615 1.0651
Pivot: 1.0518
Sup: 1.0457 1.0421 1.0360

 

[GIGFX]

Wednesday 13th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

The pair is still keeping the bullish direction as the main direction for the medium-term which was formed through moving inside a bullish channel, the pair used touching the bottom border of this channel to form a new bullish bottom which represents the point C for the harmonic pattern AB=CD, during the last intraday trades it is noticed that, the pair is trying to confirm breaking the resistance level 1.4482 which represents the point B, and if the pair succeeded to confirm this breaking, it will continue rising to form the remaining part of the rib CD which targets to reach the level 1.4615 which represents one of the resistance levels of the top border of the bullish channel and at the same time represents the point D that completes the harmonic pattern.

The stability of these expectations requires the stability of the support level 1.4375.


Res: 1.4538 1.4599 1.4680
Pivot: 1.4457
Sup: 1.4396 1.4315 1.4254



GBP/ USD

After the pair faced the resistance level 1.6425 twice, it reflected downwards forming a double top reversal pattern in which the bottom border coincides with 23.6% of Fibonacci's correction levels for the last bullish wave for the near-term and the targets of this pattern also coincides with these Fibonacci's correction levels, after the pair broke the support level 1.6310 which represents the base line for the pattern, it is expected to target testing the support level 1.6240 as the first targets for the formed pattern which coincides with 38.2% of Fibonacci's correction level that was mentioned before and in the case of succeeding the pair to break this level it will target immediately the level 1.6180 which represents 50.0% of the same Fibonacci's levels.

The stability of these expectations requires the stability of the resistance level 1.6310.

Yesterday analysis is still remaining


Res: 1.6326 1.6398 1.6448
Pivot: 1.6276
Sup: 1.6204 1.6154 1.6082



USD/CHF

As it was expected through yesterday report, the pair succeeded to break the support level 0.9015 down to continue declining achieving the lowest price for yesterday trades by reaching the level 0.8941, with breaking this level it is expected that, the pair will continue declining during the upcoming trades targeting the support level 0.8915 which with its breaking down the pair is expected to continue declining till reaches the level 0.8801 which represents 127.0% of Fibonacci's continuous level for the bullish move (from 0.8915 to 0.9339).

The stability of these expectations requires the stability of the resistance level 0.9015.


Res: 0.9049 0.9129 0.9183
Pivot: 0.8995
Sup: 0.8915 0.8861 0.8781



USD/CAD

The pair continued declining during the last trades for the long and medium-terms, the pair formed a pattern which is the rounding bottom whereas it's noticed that the pair took a rounding curve, it took this shape during the long-term trades therefore it's expected that the pair will take the bullish direction during the intraday trades but the pair must break the resistance level 0.9623 which represents the midline for the pattern, and also it must do a good close above it because this will push the pair to target the resistance level 0.9671 and with the stability above this level, then the pair may reach the resistance level 0.9721.

This expectation depends on breaking the pair the resistance level 0.9624 and the stability above it.


Res: 0.9673 0.9714 0.9774
Pivot: 0.9613
Sup: 0.9572 0.9512 0.9471



AUD/USD

The pair formed a new bullish bottom for the medium and the short-terms using coinciding the bottom border for the bullish channel with 23.6% Fibonacci fan correction level for the bullish direction (from 0.9705 to 1.0579), expecting with the stability of the support level 1.0425 that the pair will continue rising using this bottom to retest the resistance level 1.0580 which with breaking it up the pair will continue registering a new records.

This expectation depends on the stability of the support level 1.0425


Res: 1.0507 1.0579 1.0639
Pivot: 1.0447
Sup: 1.0375 1.0315 1.0243

 

[GIGFX]

Thursday 14th of April 2011 Daily Technical Analysis Report

EUR/USD

Yesterday trades were in a bearish narrow range although this bearish narrow move, the pair is still moving inside a bullish channel for the medium-term, the continuity of existing the positive divergence that continues the bullish direction is noticed through this chart, these positive signs confirms the tendency of the pair to continue rise so that a new bullish bottom has been formed when the pair faced the bottom border of the bullish channel, it is expected that the pair will continue rise during the upcoming trades targeting to form the remaining part of the harmonic pattern AB=CD which targets to reach the level 1.4615 which represents the point D that completes the harmonic pattern.

The stability of these expectations requires the stability of the support level 1.4375.


Res: 1.4503 1.4564 1.4609
Pivot: 1.4458
Sup: 1.4397 1.4352 1.4291



GBP/ USD

The support level 1.6240 which represents 38.2% of Fibonacci's correction level for the last bullish wave for the medium-term held and supported the pair to return rising again breaking the level 1.6310 which represents 23.6% of the same Fibonacci's correction level expecting more rising during today's intraday trades targeting the resistance level 1.6425 at which the pair formed a top previously, this level is important as it will determine the upcoming direction for the pair during the medium-term trades.

The stability of these expectations requires the stability of the support level 1.6310.


Res: 1.6305 1.6342 1.6377
Pivot: 1.6270
Sup: 1.6233 1.6198 1.6161



USD/CHF

The pair is still declining for short, medium and long-terms, it was expected through the last report that the pair will try to break the support level 0.8915 and this is what the pair tried to do during the last intraday trades, with breaking this level it is expected that the pair will continue declining till reach the level 0.8801 which represents 127.0% of Fibonacci's continuous level for the bullish move (from 0.8915 to 0.9339).

The stability of these expectations requires the stability of the resistance level 0.9015.


Res: 0.8993 0.9023 0.9056
Pivot: 0.8960
Sup: 0.8930 0.8897 0.8867



USD/CAD

During the previous trades for the medium-term the pair didn't determine a certain direction whereas it was confined between the resistance level 0.9641 and the support level 0.9565 therefore it's expected that the pair will take the bullish direction and if the pair is able to break the resistance level 0.9609 which represents 50.0% Fibonacci retracement for the last bearish wave and the stability above it therefore the pair will retest the resistance level 0.9641 then the resistance level 0.9653 which represents 76.4% from the same previous mentioned Fibonacci retracement levels but the pair must break the resistance level 0.9628 which represents 61.8% from the same previous mentioned Fibonacci retracement levels.

This expectation depends on breaking the pair the resistance level 0.9609 which represents 50.0% Fibonacci retracement levels.


Res: 0.9653 0.9686 0.9721
Pivot: 0.9618
Sup: 0.9585 0.9550 0.9517



AUD/USD

Seems that the pair is able to retest the resistance level 1.0580 again, whereas it is still moving inside the bullish channel for the medium and the short-terms, expecting with continuing the stability of the lower border for the channel and the stability of the support level 1.0460 the pair will continue rising during the next trades reaching the level 1.0580 which with breaking it up the pair will register a new records.

This expectation depends on the stability of the support level 1.0460.


Res: 1.0551 1.0599 1.0661
Pivot: 1.0489
Sup: 1.0441 1.0379 1.0331

 

[GIGFX]

Friday 15th of April 2011 Daily Technical Analysis Report

EUR/USD

The bullish direction is still dominating the price action of the pair for the short and the medium-term and it is noticed that it is moving inside a bullish channel, yesterday the pair tested the bottom border of the channel at the support level 1.4410 from which it reflected upside expecting more rising during today's intraday trades targeting the resistance level 1.4625 but under the condition of breaking the strong resistance level 1.4510.

The stability of the expectations requires the stability of the support level 1.4410.


Res: 1.4503 1.4564 1.4609
Pivot: 1.4458
Sup: 1.4397 1.4352 1.4291



GBP/ USD

The support level 1.6240 which represents 38.2% of Fibonacci's correction level for the last bullish wave for the medium-term held and supported the pair to return rising again breaking the level 1.6310 which represents 23.6% of the same Fibonacci's correction level expecting more rising during today's intraday trades targeting the resistance level 1.6425 at which the pair formed a top previously, this level is important as it will determine the upcoming direction for the pair during the medium-term trades.

The stability of these expectations requires the stability of the support level 1.6310.

Yesterday analysis is still remaining


Res: 1.6403 1.6456 1.6531
Pivot: 1.6328
Sup: 1.6275 1.6200 1.6147



USD/CHF

The pair is still declining for short, medium and long-terms, it was expected through the last report that the pair will try to break the support level 0.8915 and this is what the pair tried to do during the last intraday trades, with breaking this level it is expected that the pair will continue declining till reaches the level 0.8801 which represents 127.0% of Fibonacci's continuous level for the bullish move (from 0.8915 to 0.9339).

The stability of these expectations requires the stability of the resistance level 0.9015.

Yesterday analysis is still remaining


Res: 0.8993 0.9023 0.9056
Pivot: 0.8960
Sup: 0.8930 0.8897 0.8867



USD/CAD

As noticed in the chart, during the previous trades for the medium-term the pair formed a bullish channel therefore it's expected that the pair will continue the bullish scenario inside this channel till reaching the resistance level 0.9678 which represents the top border for the previous mentioned channel.
But if the pair is able to break the support level 0.9607 which represents the lower border for the channel with stability below it, the pair will change it's bearish direction till reaching the support level 0.9549.


Res: 0.9652 0.9697 0.9727
Pivot: 0.9622
Sup: 0.9577 0.9547 0.9502



AUD/USD

As noticed in the chart, the bullish direction is still dominating the pair direction for the medium and the short-terms whereas the harmonic pattern which is the ( AB=CD ) butterfly pattern is formed on the price action which is now moving in the last wave for the CD rib which targets the resistance level 1.0686 to end the pattern by forming this wave therefore it's expected that the bullish scenario will be continued ( with the probability of retesting the support level 1.0464) but confirming this pattern the pair must break the resistance level 1.0569 which represents the B point with stability above it.
Succeeding this scenario; the pair must break the resistance level 1.569 and the stability above it which represents the B point.


Res: 1.0574 1.0607 1.0666
Pivot: 1.0515
Sup: 1.0482 1.0423 1.0390

 

[GIGFX]

Monday 18th of April 2011 Daily Technical Analysis Report

EUR/USD

It is noticed through this chart that the pair formed a confusion area between the resistance level 1.4519 and the support level 1.4401, at the beginning of this week's trades the pair registered a bearish gab that pushed the pair downside breaking the bottom border of the confusion area as the bottom border represents 23.6% of Fibonacci's correction level for the bullish move (from 1.4020 to 1.4519) so it is expected that the pair will continue declining targeting the level 1.4269 which represents the target of breaking out this confusion area and at the same time represents 50.0% of the same Fibonacci's correction level. In order to reach this level, the pair should break the support level 1.4228.

The stability of these expectations requires the stability of the resistance level 1.4401.

Res: 1.4491 1.4554 1.4604
Pivot: 1.4441
Sup: 1.4378 1.4328 1.4265






GBP/ USD

At the end of the last week trades and at the beginning of this week trades, the pair declined after tried to test the resistance level 1.6425 that the pair was unable to test expecting to form (gartley) harmonic pattern and the pair now is moving in the last wave of this pattern targeting the support level 1.6180 which represents the point D for the pattern and also coincides with 50.0% of Fibonacci's correction level for the bullish wave XA, this coinciding supports the strength of the pattern but it is needed to strong confirmation by breaking the support level 1.6240 which represents the point B for the pattern and also represents 38.2% of the same Fibonacci's correction level.

The stability of these expectations requires the stability of the resistance level 1.6310.


Res: 1.6351 1.6402 1.6432
Pivot: 1.6321
Sup: 1.6270 1.6240 1.6189




USD/CHF

The pair is still moving inside a bearish channel for the short and the medium-term, the existence of a positive divergence is noticed and this reflects the bearish direction, so it is clear that the pair is rising trying to break the top border of the bearish channel and if the pair succeeded to do so, it will continue rising till reach the level 0.9065 which represents the target of breaking out the bearish channel and at the same time represents 38.2% of Fibonacci's correction level for the bearish move (from 0.9339 to 0.8896).

The stability of these expectations requires the stability of the support level 0.8896.


Res: 0.8952 0.8976 0.8994
Pivot: 0.8934
sup: 0.8910 0.8892 0.8868






USD/CAD

As noticed in the chart that the pair has broken the bearish channel which was mentioned in the end of the last week therefore it's expected that during the intraday trades the pair will try to retest the resistance kevel 0.9637 which represents the bottom border for the bearish channel then trying to test the support level 0.9586 and the stability below it therefore the pair will continue declining till reaching the support level 0.9553.

This expectation depends on the stability of the resistance level 0.9634.


Res: 0.9635 0.9670 0.9692
Pivot: 0.9613
Sup: 0.9578 0.9556 0.9521






AUD/USD

As expected in the previous reports that the pair continue rising till it retested the resistance level 1.0580, this bullish move continued inside the mentioned bullish channel, the pair was unable to break the mentioned resistance level to form a new top which is the second consecutive top at the same level to be provided by that one of the conditions of the reflective pattern for the bullish direction ( double tops ) and the base of the pattern is at the support level 1.0425, if the pair is able to break the lower border for the bullish channel that will give the new confirmation on remaining a complete pattern, whereas the pair will continue declining to reach the targeted price at the support level 1.0270.

This expectation depends on the stability of the resistance level 1.0580.


Res: 1.0590 1.0617 1.0657
Pivot: 1.0550
Sup: 1.0523 1.0483 1.0456

 

[GIGFX]

Tuesday 19th of April 2011 Daily Technical Analysis Report

EUR/USD

As it was expected through yesterday report, the pair continued its corrective declining as it continued declining till reached the level 1.4269 which represents the target of exiting the confusion area and at the same time represents 50.0% of Fibonacci's correction level for the bullish move (from 1.4020 to 1.4519), the pair was able to break this level as it is trading now above the support level 1.4211 which represents 61.8% of the same Fibonacci's level for the same bullish move, it is expected that the pair will continue declining till reach the level 1.4138 followed by the level 1.4020.

The stability of these expectations requires the stability of the resistance level1.4350.


Res: 1.4385 1.4535 1.4649
Pivot: 1.4271
Sup: 1.4121 1.4007 1.3857



GBP/ USD

At the end of the last week trades and at the beginning of this week trades, the pair declined after tried to test the resistance level 1.6425 that the pair was unable to test expecting to form (gartley) harmonic pattern and the pair now is moving in the last wave of this pattern targeting the support level 1.6180 which represents the point D for the pattern and also coincides with 50.0% of Fibonacci's correction level for the bullish wave XA, this coinciding supports the strength of the pattern but it is needed to strong confirmation by breaking the support level 1.6240 which represents the point B for the pattern and also represents 38.2% of the same Fibonacci's correction level.

The stability of these expectations requires the stability of the resistance level 1.6310.

Yesterday analysis is still remaining


Res: 1.6339 1.6413 1.6500
Pivot: 1.6252
Sup: 1.6178 1.6091 1.6017



USD/CHF

Yesterday trades for the USD/CHF pair saw exiting the trades out of the bearish channel for the near and the medium-term as it was expected through yesterday report so that, it is expected that the pair will continue its corrective rising targeting to reach the level 0.9065 which represents the target of exiting out of the bearish channel and at the same time represents 38.2% of Fibonacci's correction level for the bearish move (from 0.9339 to 0.8896).

The stability of these expectations requires the stability of the support level 0.8896.


Res: 0.9006 0.9049 0.9100
Pivot: 0.8955
Sup: 0.8912 0.8861 0.8818



USD/CAD

As noticed in the chart that during the previous medium-term trades the pair rose inside the bullish channel although trying it to break the channel yesterday but it's expected that the pair will continue rising during the intraday trades till testing the resistance level 0.9708 which represents the top border for the channel.
But if the pair breaks the resistance level 0.9629 which represents the bottom border for the channel and the stability below this level therefore the pair will target the support level 0.9590 then the resistance level 0.9544.


Res: 0.9712 0.9783 0.9846
Pivot: 0.9649
Sup: 0.9578 0.9515 0.9444



AUD/USD

During yesterday trades the pair was able to break the bottom border for the bullish channel continuing declining giving the first confirmation on remaining a reflective bullish ( double consecutive tops ) divergence pattern, the pair is targeting to reach the support level 1.0425 which represents the base of the pattern which forming breaking it down, the last confirmation on remaining the pattern, if the pair is able to break the base of the pattern therefore it will continue declining reaching the targeted area which is confined between the level 1.0285 and the level 1.0245 which represents 38.2% Fibonacci retracement correction level for the bullish direction ( from 0.9705 to 1.0580 ).

This expectation depends on the stability of the resistance level 1.0510.


Res: 1.0567 1.0628 1.0685
Pivot: 1.0510
Sup: 1.0449 1.0392 1.0331

 

[GIGFX]

Wednesday 20th of April 2011 Daily Technical Analysis Report

EUR/USD

Yesterday trades saw a lot of bullish positions on the European currency against the dollar; these bullish positions were supported by the positive European economic data. through this chart it is noticed that the trades are holding above the bullish trendline for the long-term and also were above the support level 1.4211 which represents 61.8% of Fibonacci's correction level for the bullish move (from 1.4020 to 1.4519) so that the pair formed a bottom and used it to rise to re-test the nearest resistance level, one of them is the level 1.4401 which was representing a support level for a confusion area, if these bullish positions continued the pair may be able to break the resistance level 1.4401 up then it will continue rising targeting the next resistance level 1.4519.

The stability of these expectations requires the stability of the support level 1.4350.

Res: 1.4389 1.4444 1.4536
Pivot: 1.4297
Sup: 1.4242 1.4150 1.4095



GBP/ USD

On the contrary of what was expected in yesterday report, the support level 1.6250 held against the pair testing for the second straight time and this resulted in rising the pair forming a sideways movement for the near-term between the resistance level 1.6425 and the support level 1.6250 expecting more rising during today's intraday trades targeting the resistance level 1.6425 which coincides with the medium border of the bullish pitchfork channel.

The stability of these expectations requires the stability of the support level 1.6250.

Res: 1.6355 1.6397 1.6460
Pivot: 1.6292
Sup: 1.6250 1.6187 1.6145



USD/CHF

The pair was unable to break the resistance level 0.9001 and formed a new top at the same level, with forming this top the existence of a negative divergence that shifts the bullish direction for the near-term is noticed. so it is expected that the pair will return to decline for the medium-term targeting to test the support level 0.8896 which with its breaking down the pair will continue declining till reaches the level 0.8827 which represents 161.8% of Fibonacci's continuous level for the bullish move (from 0.8896 to 0.9007).

The stability of these expectations requires the stability of the resistance level 0.9001.

Res: 0.9022 0.9045 0.9084
Pivot: 0.8983
Sup: 0.8960 0.8921 0.8898



USD/CAD

As noticed in the chart that yesterday the pair broke the support level 0.9634 which represents the lower border for the bullish channel till the pair became between the resistance level 0.9571 which represents 76.4% Fibonacci retracement correction level and the support level 0.9523 which represents the mentioned starting point for the bullish channel.
As noticed, the pair is trying to break the support level 0.9571 and the stability below this level will make the pair continue declining till the support level 0.9470 which represents 127.0% Fibonacci retracement correction level.
But in case of retesting the pair to the resistance level 0.9571 and the stability of the pair above it,then the pair will target the resistance level 0.9571 which represents 61.8%from the same mentioned Fibonacci retracement correction levels.


Res: 0.9633 0.9708 0.9751
Pivot: 0.9590
Sup: 0.9515 0.9472 0.9397



AUD/USD

A new bottom has been formed during yesterday trades near to the support level 1.0425, this bottom pushed the pair to rise again trying to break the resistance level 1.0580, therefore the probability of remaining the reflective divergence which was mentioned through the previous reports ends, if the resistance level 1.0580 is broken; the pair will continue rising till reaches the level 1.0627 then the level 1.0692 which represents 127% and 161.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0580 to 1.0385 ).

This expectation depends on the stability of the resistance level 1.0510.

Res: 1.0554 1.0586 1.0642
Pivot: 1.0498
Sup: 1.0466 1.0410 1.0378

 

[GIGFX]

Thursday 21st of April 2011 Daily Technical Analysis Report

EUR/USD

As it was expected through yesterday report, the bullish strong positions pushed the pair to break the resistance level 1.4401 to continue rising till reached the resistance level 1.4519, this level also was unable to hold along against rising the pair and indeed it has been broken up, during the trades of the Asian market the pair continued its strong rising till reached the level 1.4617 which represents 127% of Fibonacci's continuous level for the bearish move (from 1.4519 to 1.4157), it is expected with breaking this level that the pair will continue rising till reaches the level 1.4743 which represents 161.8% of Fibonacci's continuous level for the same mentioned move.

The stability of these expectations requires the stability of the support level 1.4519.


Res: 1.4602 1.4683 1.4820
Pivot: 1.4465
Sup: 1.4384 1.4247 1.4166




GBP/ USD

As it was expected through yesterday report the pair succeeded to rise reaching the level 1.6425 amid strong bullish positions that pushed the pair to break this level with stability above it expecting more rising during the upcoming intraday trades targeting the resistance level 1.6495 which represents 127% of Fibonacci's continuous level for the last corrective bearish wave for the medium-term then reflecting to re-test the previously broken level 1.6425.


Res: 1.6451 1.6496 1.6568
Pivot: 1.6379
Sup: 1.6334 1.6262 1.6217



USD/CHF

The pair was unable to break the resistance level 0.9001 and formed a new top at the same level; with forming this top the existence of a negative divergence that shifts the bullish direction for the near-term is noticed. so it is expected that the pair will return to decline for the medium-term targeting to test the support level 0.8896 which with its breaking down the pair will continue declining till reaches the level 0.8827 which represents 161.8% of Fibonacci's continuous level for the bullish move (from 0.8896 to 0.9007).

The stability of these expectations requires the stability of the resistance level 0.9001.

Yesterday analysis is still remaining


Res: 0.9022 0.9045 0.9084
Pivot: 0.8983
Sup: 0.8960 0.8921 0.8898



USD/CAD

The bearish direction is still dominatingthe pair direction for the medium and the short-terms whereas forming the harmonic patternAB=CDis formed due to the price movement, it's moving now to form the last CD wave which is targeting the support level 0.9261 to end the pattern by finishing forming this wave therefore it's expected that the pair will continue declining with the probability of retesting the resistance level 0.9524 which represents the B point for the formed pattern.
Success of this scenario depends on the stability of the resistance level 0.9524 which represents the B point.


Res: 0.9558 0.9595 0.9627
Pivot: 0.9526
Sup: 0.9489 0.9457 0.9420



AUD/USD

Registering new records for the AUD/USD pair is still remaining till now, the pair achieved the highest price during yesterday trades at 1.0714 which was able to break it with the Asian trades continuing registering a new records, continuing rising the pair is expected reaching the level 1.0795 which represents 26.18% Fibonacci retracement continuous level for the bearish direction ( from 1.0577 to 1.0442 ).

This expectation depends on the stability of the support level 1.0680.


Res: 1.0777 1.0844 1.0974
Pivot: 1.0647
Sup: 1.0580 1.0450 1.0383

 

[GIGFX]

Friday 22nd of April 2011 Daily Technical Analysis Report

EUR/USD

During yesterday trades the pair continued rising before forming a top at the level 1.4648, this top pushed the pair downside to re-test the nearest support levels, the pair continued declining till reached the support level 1.4519 forming a bottom that is expected to be bullish bottom for the near-term, the pair rose from this bottom targeting to re-test the level 1.4648 which with its breaking the pair will continue rising till reach the level 1.4743 which represents 161.8% of Fibonacci's continuous level for the bearish move (from 1.4519 to 1.4157).

The stability of these expectations requires the stability of the support level 1.4519.

Res: 1.4631 1.4711 1.4774
Pivot: 1.4568
Sup: 1.4488 1.4425 1.4345



GBP/ USD

As it was expected through yesterday report, the pair rose inside the pitchfork channel as it broke up the middle rib of this channel expecting more rising during today's intraday trades targeting the resistance level 1.6660 which coincides with the top border of this channel.

The stability of these expectations requires the stability of the support level 1.6495.


Res: 1.6451 1.6496 1.6568
Pivot: 1.6379
Sup: 1.6334 1.6262 1.6217



USD/CHF

As it was expected through yesterday report, the pair continued declining registering new historical records as it reached the level 0.8827 which was unable to be stable against the pair's strong declining which remained till the level 0.8786 which represents 200% of Fibonacci's continuous level for the bullish move (from 0.8896 to 0.9007), the pair formed a bottom at this level and pushed from it upside to re-test the nearest resistance levels, the pair is trading around the level 0.8866 and if it succeeded to break this level up it will continue rising till reach the level 0.900, but the pair is expected to form a top that will force it to return declining to re-test the support level 0.8786 which with its breaking down the pair will target the level 0.8718 which represents 261.8% of Fibonacci's continuous level for the same mentioned bullish move.

The stability of these expectations requires the stability of the resistance level 0.8866.


Res: 0.8908 0.8956 0.9020
Pivot: 0.8844
Sup: 0.8796 0.8732 0.8684



USD/CAD

The bearish direction is still dominating the pair direction for the medium and the short-terms whereas forming the harmonic pattern AB=CD is still in process due to the price movement, it's moving now to form the last CD wave which is targeting the support level 0.9261 to end the pattern by finishing forming this wave therefore it's expected that the pair will continue declining with the probability of retesting the resistance level 0.9524 which represents the B point for the formed pattern.
Success of this scenario depends on the stability of the resistance level 0.9524 which represents the B point.

Yesterday analysis is still remaining


Res: 0.9559 0.9589 0.9643
Pivot: 0.9505
Sup: 0.9475 0.9421 0.9391



AUD/USD

Registering new records for the AUD/USD pair is still remaining till now, the pair achieved the highest price during yesterday trades at 1.0773, a top will be formed which will push the pair down retesting the support level 1.0725, if a bottom is formed at this level therefore it's expected that there's a bullish move again during the next trades by reaching the level 1.0795 which represents 26.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0577 to 1.0442 ).

This expectation depends on the stability of the support level 1.0725.


Res: 1.0787 1.0829 1.0885
Pivot: 1.0731
Sup: 1.0689 1.0633 1.0591

 

[GIGFX]

Monday 25th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

The trades of the last week were narrow as a result of the European banks' holiday, it is expected to continue these narrow trades during today's trades as it is supposed to move between the resistance level 1.4605 and the support level 1.4530 but in the case of breaking the level 1.4605 up it is expected that the pair will rise targeting the level 1.4743 which represents 161.8% of Fibonacci's correction level for the bearish move (from 1.4519 to 1.4157).

The stability of these expectations requires the stability of the support level 1.4519.


Res: 1.4584 1.4614 1.4639
Pivot: 1.4559
Sup: 1.4529 1.4504 1.4474



GBP/ USD

As it was expected through the last week's report, the pair rose inside the pitchfork channel as it broke up the middle rib of this channel expecting more rising during today's intraday trades targeting the resistance level 1.6660 which coincides with the top border of this channel.

The stability of these expectations requires the stability of the support level 1.6495.


Res: 1.6555 1.6596 1.6625
Pivot: 1.6526
Sup: 1.6485 1.6456 1.6415



USD/CHF

It is noticed through this chart that the last trades were narrow as a result of the holiday of the Swiss banks which is still remaining till now although with the beginning of this week so that it is expected for the pair to continue trading in narrow trades, but if the pair broke the resistance level 0.8866 more rising is expected for the pair till reach the level 0.9001 and if the pair broke the support level 0.8786 downwards, the pair will continue declining till reach the next support level 0.8718.


Res: 0.8881 0.8894 0.8912
Pivot: 0.8863
Sup: 0.8850 0.8832 0.8819



USD/CAD

Since last week the bearish direction is still dominating the pair direction for the medium and the short-terms whereas forming the harmonic pattern AB=CD is still in process due to the price movement, it's moving now to form the last CD wave which is targeting the support level 0.9261 to end the pattern by finishing forming this wave therefore it's expected that the pair will continue declining with the probability of retesting the resistance level 0.9524 which represents the B point for the formed pattern.
Success of this scenario depends on the stability of the resistance level 0.9524 which represents the B point.

Yesterday analysis is still remaining


Res: 0.9538 0.9547 0.9558
Pivot: 0.9527
Sup: 0.9518 0.9507 0.9498



AUD/USD

The pair is still unable to break the resistance level 1.773 till now to form another top pushed down from it to retest the nearest support levels, from it the level 1.0712 if a bottom is formed at this level means rising again by reaching the level 1.0795 which represents 261.8% Fibonacci retracement continuous level for the bearish direction ( from 1.0577 to 1.0442 ) but in case of breaking the support level 1.0712 down means a further drop till the next support level 1.0660.


Res: 1.0755 1.0773 1.0791
Pivot: 1.0737
Sup: 1.0719 1.0701 1.0683

 

[GIGFX]

Tuesday 26th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

As it is noticed through this chart, the pair broke the support level 1.4532 which represents 23.6% of Fibonacci's correction level for the bullish move (From 1.4157 to 1.4648) giving the first sign of the beginning of its bearish corrective direction for the near-term, it is expected that the pair will decline targeting the level 1.4403 which represents 50.0% of Fibonacci's correction level for the same bullish move but under the condition of breaking the support level 1.4460.

The stability of these expectations requires the stability of the resistance level 1.4590.


Res: 1.4629 1.4678 1.4730
Pivot: 1.4577
Sup: 1.4528 1.4476 1.4427




GBP/ USD

The bullish direction is still dominating the pair trades for the near and medium-term as the pair is forming the harmonic pattern AB=CD, this pattern has been confirmed by breaking the level 1.6440 upside expecting more rising waves targeting the resistance level 1.6655 which is expected to be the end of the harmonic pattern (CD wave).

The stability of these expectations requires the stability of the support level 1.6440.


Res: 1.6544 1.6591 1.6630
Pivot: 1.6505
Sup: 1.6458 1.6419 1.6372



USD/CHF

It is noticed through this chart that the pair formed a second consecutive bottom at the support level 0.8780, and this is regarded as one of the conditions for the existence of a double bottom pattern that reverses the direction, the pair should break the top of this pattern at the resistance level 0.8878 then it will continue rising till reaches the level 0.8989 which represents the target of the pattern and at the same time represents 38.2% of Fibonacci's correction level for the bearish move (from 0.9339 to 0.8780).

The stability of these expectations requires the stability of the support level 0.8780

Res: 0.8866 0.8921 0.8968
Pivot: 0.8819
Sup: 0.8764 0.8717 0.8662



USD/CAD

The pair took the bearish direction as a dominant direction during the previous trades for the long and medium-terms, it formed a slight trend line, moving above this line to correct the direction which began from the level 0.9453.therefore while trading the pair above this line, it will reach the resistance level 0.9586 and the stability above this level will give the pair the chance to continue correcting the direction till reaching the resistance level 0.9657.
But the pair’s ability on breaking this line at the support level 0.9527, this will be a sign on retesting the bottom where the corrective wave began from.


Res: 0.9566 0.9591 0.9623
Pivot: 0.9534
Sup: 0.9509 0.9477 0.9452



AUD/USD

As noticed in the chart, there are negative signs for the bullish direction represented by failing to break the resistance level 1.0773, also trading below the moving average, the last sign is breaking the support level 1.0712, all these signs confirms the beginning of a bearish corrective direction for the short-term. it's expected that it will retest the bullish trend line for the long-term which is expected to coincide at it the price with one of the confined support area between the level 1.0608 and the level 1.0568 which represents 50% and 61.8% Fibonacci retracement correction level for the bullish direction ( from 1.0442 to 1.0773 ).

This expectation depends on the stability of the resistance level 1.0730.


Res: 1.0768 1.0817 1.0860
Pivot: 1.0725
Sup: 1.0676 1.0633 1.0584

 

[GIGFX]

Thursday 28th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

As it was expected through yesterday analysis, the pair continued rising till reached the level 1.4803 which represents 20.00% of Fibonacci's continuous level for the bearish move (from 1.4648 to 1.4493) to continue rising for the medium-term which is expected to continue inside a bullish channel, through this bullish direction it is noticed that the pair is in the forming stage of the pattern (1.2.3) that targets to reach the level 1.4985 which represents one of the resistance levels of the top border of the bullish channel.

The stability of these expectations requires the stability of the support level 1.4083.


Res: 1.4844 1.4901 1.5007
Pivot: 1.4738
Sup: 1.4681 1.4575 1.4518




GBP/ USD

As it was expected through yesterday analysis, the pair continued rising reaching the resistance level 1.6655 then broke it amid more rising expectations as it is forming the harmonic pattern AB=CD which has been confirmed by breaking the resistance level 1.6600 expecting more rising targeting the resistance level 1.6860 during today's intraday levels, the end of the pattern will be at this level; at the end of the wave CD, this level also coincides with the top border of the pitchfork channel as it is noticed through this chart, this confirms the expectations of rising the pair .

The stability of these expectations requires the stability of the support level 1.6600.


Res: 1.6720 1.6779 1.6922
Pivot: 1.6577
Sup: 1.6518 1.6375 1.6316




USD/CHF

The pair is still moving inside a bearish channel for the short and the medium-term, it was expected through yesterday report that the pair will use the existence of a positive divergence for the RSI index to rise to test the resistance level 0.8780 and this is what happened indeed then the pair continued rising till formed a top at the level 0.8835, this top coincided with the top border of the bearish channel, this top forced the pair to decline to test the nearest support level, the pair is in its way to test the support level 0.8671 which with its breaking the pair may decline till reaches the level 0.8571 to register a new low historical record.


Res: 0.8828 0.8911 0.8990
Pivot: 0.8749
Sup: 0.8666 0.8587 0.8504



USD/CAD

The bearish direction is still dominating the movement of the pair for the short and the medium-term as it is still noticed that the pair is forming a harmonic pattern AB=CD and although the pair tried to break the point B for the second time but the pair returned to move in the range of the last rib CD of the pattern which targets the support level 0.9261 to complete the pattern by completing this wave, so it is expected that the pair will continue declining with probability of testing the resistance level 0.9524 which represents the point B for the formed pattern.

The stability of these expectations requires the stability of the resistance level 0.9524 which represents the point B.

The previous analyze remains


Res: 0.9551 0.9607 0.9640
Pivot: 0.9518
Sup: 0.9462 0.9429 0.9373




AUD/USD

As expected in the previous report, the pair was able to break the resistance level 1.0845 to continue forming the remaining part of the CD rib for the AB=CD harmonic pattern, whereas the pair registered a new record during yesterday trades by achieving the highest price at 1.0877 which didn't hold much against rising the pair during the Asian trades where the pair is still registering a new records reaching the level 1.0946, expecting with breaking this level that the pair will continue rising to reach the level 1.1000 which represents the complement D point for the harmonic pattern.

This expectation depends on the stability of the support level 1.0845.


Res: 1.0907 1.0944 1.1011
Pivot: 1.0840
Sup: 1.0803 1.0736 1.0699

 

[GIGFX]

Friday 29th of April 2011 GIGFX Daily Technical Analysis Report

EUR/USD

Yesterday trades were in a narrow range and reflect collecting the needed momentum that the pair will use to continue rising for the medium and the long-term, it is still expected that the pair will continue rising during the upcoming trades targeting to reach the level 1.4985 which represents the target of the pattern (1.2.3), in order to reach this level the pair should break the resistance level 1.4880.

The stability of these expectations requires the stability of the support level 1.4770.


Res: 1.4878 1.4936 1.4991
Pivot: 1.4823
Sup: 1.4765 1.4710 1.4652



GBP/ USD

As it was expected through yesterday analysis, the pair continued rising reaching the resistance level 1.6655 then broke it amid more rising expectations as it is forming the harmonic pattern AB=CD which has been confirmed by breaking the resistance level 1.6600, expecting more rising for the pair targeting the resistance level 1.6860 during today's intraday levels, the end of the pattern at the end of the wave CD will be at this level; this level also coincides with the top border of the pitchfork channel as it is noticed through this chart, this confirms the expectations of rising the pair .

The stability of these expectations requires the stability of the support level 1.6600.

Yesterday analysis is still remaining


Res: 1.6709 1.6789 1.6833
Pivot: 1.6665
Sup: 1.6585 1.6541 1.6461



USD/CHF

The pair is still moving inside a bearish channel for the short and the medium-term as the pair formed a bottom at the level 0.8685 which succeeded to stop the expected decline of the pair till now, so it is expected with breaking down this level that the pair will continue declining targeting the level 0.8571 which represents one of the support levels of the bottom border of the bearish channel.

The stability of these expectations requires the stability of the resistance level 0.8780.



Res: 0.8766 0.8797 0.8835
Pivot: 0.8728
Sup: 0.8697 0.8659 0.8628




USD/CAD

The bearish direction is still dominatingthe pair direction for the medium and the short-terms whereas the pair is forming the harmonic pattern AB=CD although trying the pair breaking the B point but the pair since the beginning of this week entered the confined area between the support level 0.9466 and the resistance level 0.9554. It’s expected that the pair will retest the lower border for the confined area which is the support level 0.9554 to continue the last CD wave which is targeting the support level 0.9261.

Success of this scenario up depends on the stability of the resistance level 0.9524 which represents the B point.


Res: 0.9551 0.9607 0.9640
Pivot: 0.9518
Sup: 0.9462 0.9429 0.9373



AUD/USD

As expected in the previous reports, the pair was able to break the resistance level 1.0845 to continue forming the remaining part of the CD rib for the AB=CD harmonic pattern, whereas the pair registered a new record during the day before yesterday trades by achieving the highest price at 1.0877 which didn't hold much against rising the pair during the Asian trades where the pair registered a new records reaching the level 1.0946, expecting with breaking this level that the pair will continue rising to reach the level 1.1000 which represents the complement D point for the harmonic pattern.

This expectation depends on the stability of the support level 1.0845.

This analyze is still remains till now



Res: 1.0965 1.1004 1.1062
Pivot: 1.0907
Sup: 1.0868 1.0810 1.0771

 

[GIGFX]

Monday 2nd of MAy 2011 GIGFX Technical Analysis Report

EUR/USD

As noticed in the chart, the pair formed the second consecutive top at the resistance level 1.4880, by that the first condition of remaining a reflective pattern for the bullish direction which is the ( double consecutive tops ) is found; the most important condition is breaking the base of the pattern at the support level 1.4770, it's also noticed that the (1.2.3) pattern is not completed till now whereas the pair is reaching the level 1.4985, if the reversal bullish pattern is completed therefore it's difficult to complete the (1.2.3) pattern but in case of failing the reversal pattern by breaking the support level 1.4880, the pair will continue the bullish wave till reaches the level 1.4985. In case of confirming breaking the support level 1.14770 with breaking the bullish trend line, the pair will continue declining till reaches the level 1.4660 which represents the targeted price for the ( double consecutive tops ) pattern.


Res: 1.4853 1.4901 1.4926
Pivot: 1.4828
Sup: 1.4780 1.4755 1.4707



GBP/ USD

The resistance level 1.6720 was able to hold against testing the pair for it double consecutive times, forming a reflective pattern for the bullish direction which is the double consecutive tops therefore it's expected during the intraday trades declining the pair but in case of breaking the base of the pattern at the support level 1.6625 with a good close below it will push the pair to target the support level 1.6510.

This expectation depends on the stability of the resistance level 1.6720.


Res: 1.6743 1.6780 1.6840
Pivot: 1.6683
Sup: 1.6646 1.6586 1.6549




USD/CHF

As observed for the USD/CHF chart, the pair remains trading between a bearish channel lines during the short and medium periods, where the pair could not break down the support level 0.8648 during the Asian trades, which is the bottom the pair formed during last week tradesto rise from it, so it is expected that the pair will continue rising in order to retest the resistance level 0.8739 that may coincide with the channel top line, which if the pair was able to trade above it; the pair will rise targeting the resistance level 0.8832, and if the pair was able to hold above this level it will target 0.8922 resistance level.

This analyze requires the breaking of the resistance level 0.8739 which may coincides with the channel top line.


Res: 0.8766 0.8797 0.8835
Pivot: 0.8728
Sup: 0.8697 0.8659 0.8628




USD/CAD

The pair stood away at the end of the previous week from the resistance level 0.9523 which represents the B point for the AB=CD harmonic pattern that was mentioned before whereas it's inability on breaking it, gave the pair a strong chance to complete the pattern whereas the pair is still on process of forming the last CD wave targeting the support level 0.9261 although of breaking the pair the support level 0.9469 at the end of the previous week which represents the bottom border for the confined area but the pair came back inside the confined area with the beginning of the Asian trades but this doesn't effect on the expectations of declining the pair to complete the pattern targeting the support level 0.9261.
But completing this scenario depends on the stability of the pair below the resistance level 0.9554 which represents the B point.


Res: 0.9516 0.9581 0.9616
Pivot: 0.9481
Sup: 0.9416 0.9381 0.9316




AUD/USD

The AUD/USD pair taking the bullish move as it main direction inside a medium bullish channel lines, where it is expected with the stability of the support level 1.0859 that the pair will continue rising to target the resistance level 1.1050, but if the pair traded under this level with trading under the channel bottom line it will have a bearish move in order t retest the nearest support level that may lead it to the support level 1.0770.


Res: 1.0999 1.1035 1.1095
Pivot: 1.0939
Sup: 1.0903 1.0843 1.0807