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Old 24-02-2011, 09:17
GIGFX GIGFX is offline
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Default Thursday 24-2-2011 Technical Analysis Report

EUR/USD

As it was expected in yesterday’s report, the pair succeeded to break the key resistance 1.3716 to continue rising till reached the key resistance 1.3767, through forming the last near-term uptrend it was noticed that the pair is in the forming stage of the harmonic pattern AB=CD whereas, the rib BC represents 61.8% fibonacci's correction level for the rib AB so it is expected that the rib CD will be completed at 161.8% fibonacci's continuous level for the rib BC. The key resistance 1.3716 represents the point B and its breaking up with a good close above means that the pair will remain forming the bullish rib CD which is expected to be completed at the point D which represents the area between the level 1.3810 and 1.3833 which represents 161.8% fibonacci's continuous level for the rib BC, reaching this area needs a confirmation of breaking the key resistance 1.3767 during the upcoming trades.

The stability of these expectations requires the stability of the key support 1.3671.

Res: 1.3809 1.3866 1.3947
Pivot: 1.3728
Sup: 1.3671 1.3590 1.3533


GBP/ USD

The pair is still trading below the key resistance 1.6260 which makes it hard for the pair to continue rising for the near-term and intraday trades, the pair now is trading inside a near-term bullish channel, forming a harmonic pattern AB=CD but the condition of completing forming this harmonic pattern is breaking the mentioned level 1.6260 which if the pair succeeded to break this level during today's intraday levels, the pair will target immediately the key resistance 1.6370 which completes this harmonic pattern.

The stability of these expectations requires the stability of the key support 1.6130.

Res: 1.6279 1.6346 1.6419
Pivot: 1.6206
Sup: 1.6139 1.6066 1.5999


USD/CHF

The bearish direction is still dominating the pair's move for the near and medium-term; this move has been formed through the pair's move inside a bearish channel. during yesterday trades, the pair succeeded to break down the important key support 0.9325 indicating the tendency of the pair to continue declining targeting the key support 0.9204 which represents 127% Fibonacci’s continuous level for the bullish move (from 0.9325 to 0.9774) at which the price is expected to coincide with the bottom boarder of the bearish channel.

The stability of these expectations requires the stability of the key resistance 0.9325.

Res: 0.9378 0.9426 0.9462
Pivot: 0.9378
Sup: 0.9294 0.9258 0.9210


USD/CAD

The pair wasn't able yesterday to break the support level 0.9868 which represents 23.6% Fibonacci retracement correction level for the last bearish wave, if the pair is able to break this level during the intraday trades, the pair will target the support level 0.9813 which is the bottom point during the previous days.
But if the pair breaks the resistance level 0.9901 which represents 38.2% Fibonacci retracement correction level and the stability above this level, the pair will target the resistance level 0.9929 which represents 50.0% from the previous Fibonacci retracement correction levels then to the resistance level 0.9957 which represents 61.8% from the same previous Fibonacci retracement correction levels.

Res: 0.9941 0.9977 1.0037
Pivot: 0.9881
Sup: 0.9845 0.9785 0.9749


AUD/USD

As what was expected yesterday, the pair used the formed bottom at the support level 0.9960 in rising to retest the nearest resistance levels, whereas during the last intraday trades; forming a top at the level 1.0082 which represents 61.8% Fibonacci retracement correction level for the bearish direction ( from 1.0155 to 0.9965 ) this top came to push the pair down to retest the nearest support levels from it the support level 1.0010, if the pair formed a bottom at this level, the pair will rise again trying to break the level 1.0082 which with breaking it up means a further rise till the level 1.0155, but if the pair was able to break the support level 1.0010 down that means a further drop till the level 0.9960.

Res: 1.0057 1.0095 1.0134
Pivot: 1.0018
Sup: 0.9980 0.9941 0.9903


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