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Old 22-02-2011, 09:49
GIGFX GIGFX is offline
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Join Date: Feb 2011
Posts: 129
Default Tuesday 22-2-2011 Technical Analysis Report


Yesterday and during the beginning of this week's trades, the pair did not achieve a price higher than 1.3716 $ whereas this price was the highest achieved price during the trades of the last week, and thatís why yesterday trades were narrow which reflects the collecting of the needed momentum that will indicate the next direction of the upcoming trades. It is noticed through the Asian period trades a strong declining which pushed the pair to break the bottom boarder of the bullish channel in which the pair was moving between its boarders for the near-term, whereas the pair now is testing the key support 1.3572 which represents 50% Fibonacci's correction level for the uptrend (from 1.3528 to 1.3716) and which coincides with the broken bearish trend line for the medium-term. If the pair succeeded to break this area this means that, the pair is tending to continue this bearish move targeting the level 1.3465 which represents the target of getting out of the range of this bullish channel.

Res: 1.3561 1.3423 1.3431
Pivot: 1.3553
Sup: 1.3691 1.3683 1.3821


Yesterday, the pair failed to break the mentioned key resistance 1.6275, the pair reflected down breaking the key support 1.6150 which represents 23.6% Fibonacci's correction level for the last medium-term bullish wave with expectations of more declining during today's intraday trades targeting the key support 1.6075 which represents 38.2% Fibonacci's correction level but under the condition of holding the pair steady below the level 1.6150.

The stability of these expectations requires the stability of the key resistance 1.6275.

Res: 1.6288 1.6331 1.6400
Pivot: 1.6219
Sup: 1.6176 1.6107 1.6064


During the trades of the last days, the pair formed the inverted flag pattern, so the expected direction is the bearish one but under the condition of breaking the bottom boarder of this inverted flag pattern and then the pair will target and break the key support 0.9424 with stability below, this will push the pair down to reach the key support 0.9371.

The stability of these expectations requires the stability of the key resistance 0.9508.

Res: 0.9516 0.9578 0.9618
Pivot: 0.9476
Sup: 0.9414 0.9374 0.9312


The pair is taking a sideway direction inside this sideways channel which is between the resistance level 0.9868 and the support level 0.9820 but it's clear that the pair will target the bullish direction and this is because of forming the pair the double consecutive bottoms pattern at the support level 0.9820 but the neckline for the pattern must be broken which also coincides with the upper line for the sideways channel at the resistance level 0.9868.

This expectation depends on the stability of the support level 0.9820.

Res: 0.9885 0.9907 0.9941
Pivot: 0.9851
Sup: 0.9829 0.9795 0.9773


The pair hasn't recorded a price above the level 1.0155 during yesterday trades ending with this the probability of reaching the level 1.0180 which represents the targeted price for the double consecutive pattern, whereas the pair has pushed down breaking the support level 1.0071 which represents the top of the pattern to confirm by this on returning the pair again to form a new bearish direction for the short-term whereas it's expected that the bearish move will be continued during the next trades towards the confined support area which is between the level 0.9960 and the level 0.9943 which is expected to coincide at it the price with the bullish trend line for the long-term.

This expectation depends on the stability of the resistance level 1.0085.

Res: 1.0170 1.0196 1.0238
Pivot: 1.0128
Sup: 1.0102 1.0060 1.0034

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