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Old 16-11-2011, 08:15
GIGFX GIGFX is offline
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Join Date: Feb 2011
Posts: 129
Default Wednesday November 16th 2011 GIGFX Technical Analysis Report

EUR/USD

As it was expected yesterday, the bearish direction is still dominating the trades of the pair and now the pair is trading below the level 1.3477 which represents 23.6% of fibonacci's correction level for the bearish wave (From 1.4547 to 1.3146), it is expected that, with holding the pair below this level it will target the support level 1.3360 followed by 1.3146 but if the pair held above the level 1.3477 it will target the near resistance level 1.3681 which represents 38.2% of fibonacci's correction level.

Res: 1.3620 1.3703 1.3765
Pivot: 1.3558
Sup: 1.3475 1.3413 1.3330


GBP/ USD

The GBP/USD pair declined yesterday after failing the support level 1.5850 on holding against testing the price for it, a further drop is expected during the intraday trades affected by getting out the price from this bullish channel which was the pair moving inside it during the mid-term targeting the support level 1.5645 with the probability of retesting the resistance level 1.5850 to find a top at it to help in continuing the bearish direction.

This scenario depends on the stability of the resistance level 1.5850.

Res: 1.5902 1.5982 1.6034
Pivot: 1.5850
Sup: 1.5770 1.5718 1.5638


USD/CHF

The pair is still trading inside a bullish channel that has been formed during the last trades for near and mid-term trades and it continued rising breaking the resistance level 0.9249 and if the pair held above this level it will target the resistance level 0.9303 as the second target.

The stability of these expectations requires the stability of the support level 0.9153.

Res: 0.9205 0.9262 0.9326
Pivot: 0.9141
Sup: 0.9084 0.9020 0.8963


USD/CAD

The USD/CAD pair is facing during the current trades the resistance level 1.0272 that represents 50% correction level for the bearish move from 1.0655to 0.9889, as if this level held it will push the pair to fall searching for the nearest support levels such 1.0182 that represents 38.2% correction level, but breaking up this level will push the pair to continue the previous bullish direction in order to target higher resistance levels such as the resistance area between 1.0340 and 1.0362 levels then 1.0474 level that represents 76.4% correction level.

Res: 1.0261 1.0313 1.0366
Pivot: 1.0208
Sup: 1.0156 1.0103 1.0051


AUD/USD

As it was expected yesterday, the pair dropped to the support level 1.0055 which represents 50.0% of fibonacci's correction level for the last bullish wave (from 0.9380 to 1.0725) after it succeeded to break the support level 1.0125 which led the pair to drop again, it is expected that the pair will continue declining targeting the support level 0.9900 which represents 61.8% of fibonacci's correction level for the last bullish wave (from 0.9380 to 1.0725) but under the condition of breaking the support level 1.0055 with stability below it.

The stability of these expectations requires the stability of the resistance level 1.0215.


Res: 1.0230 1.0283 1.0342
Pivot: 1.0171
Sup: 1.0118 1.0059 1.0006
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