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Old 11-03-2011, 09:32
GIGFX GIGFX is offline
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Default Friday 11th of March 2011 GIGFX Daily Technical Analysis Report

EUR/USD

As it was expected through yesterday report, the pair succeeded to break the support level 1.3860 continuing forming a corrective bearish direction for the near-term. this breaking confirmed the trueness of breaking out the bullish channel by breaking its bottom boarder, during yesterday trades the pair continued declining achieving the lowest price at the level 1.3775 at the support area of 38.2% Fibonacci's correction level for the uptrend from (1.3428 to 1.4035). during the upcoming trades it is expected that, the pair will rise to test the level 1.3860 which became a resistance level 1.3860 to form a bearish top for the near-term that will force the pair to return declining again to try to break the support level 1.3775 which with its breaking down means more declining till reaching the level 1.3660 which represents the target of breaking out this bullish channel and also represents 61.8% Fibonacci's correction level for the same downtrend, and in order to reach this level, the pair should break the support level 1.3731.

The stability of these expectations requires the stability of the resistance level 1.3860.


Res: 1.3889 1.3981 1.4038
Pivot: 1.3832
Sup: 1.3740 1.3683 1.3591


GBP/ USD

As it was expected through yesterday report, the pair succeeded to test the resistance level 1.6200 then declined again breaking the support level 1.6115 to target then the support level 1.6045, it is noticed that the pair is forming a harmonic pattern AB=CD for the near-term targeting the support level 1.6030 that the pair is almost around and is trying to test it, expecting that the pair will reflect correctly upwards targeting to re-test the resistance level 1.6125 at which the pair will search about a top for a new bearish wave to target at then the support level 1.6030 again.

The stability of these expectations requires the stability of the resistance level 1.6125.


Res: 1.6168 1.6276 1.6341
Pivot: 1.6103
Sup: 1.5995 1.5930 1.5822


USD/CHF

The pair formed a top at the level 0.9368 which is the highest price for the pair in ten days; the pair registered this price after breaking the resistance level 0.9325 which represents the top boarder of the rectangle pattern. After the pair formed this top, the pair was pushed downside to decline searching about forming a bullish bottom; the pair formed a bottom at the good support level 0.9265 and used it to rise during the last intraday trades. Between rising and declining it is noticed that the pair is in a forming stage of a harmonic pattern AB=CD whereas, the level 0.9368 represents the B point, with breaking this point it is expected that, the pair will continue rise targeting to reach the level 0.9420 which represents the target of the rectangle pattern and at the same time represents the D point that completes the harmonic pattern and also represents 38.2% Fibonacciís correction level for the downtrend (from 0.9774 to 0.9201).

The stability of these expectations requires the stability of the support level 0.9265.

The previous analyze remains

Res: 0.9359 0.9401 0.9440
Pivot: 0.9320
Sup: 0.9278 0.9239 0.9197


USD/CAD

The pair reflected up during yesterday trades to form the corrective direction, it's expected for the pair to continue the corrective direction that the pair started since breaking the resistance level 0.9735 which represents 23.6% Fibonacci retracement correction level for the last bearish wave for the medium-term, from the expected that the pair will try to target the resistance level 0.9778 which represents 38.2 previous mentioned Fibonacci retracement correction level and the stability above this level, the pair will continue targeting the resistance level 0.9812 which represents 50.0% Fibonacci retracement correction level.
But the pairís ability on retesting, breaking and the stability below the support level 0.9735 which represents 23.6% Fibonacci retracement correction level which gives the pair the chance to continue declining till the support level 0.9666.

Res: 0.9787 0.9818 0.9871
Pivot: 0.9734
Sup: 0.9703 0.965 0.9619


AUD/USD

The pair is continuing the sharp declining move during the last short-term trades, whereas the pair was pushed down breaking the lower border for the bearish channel for the medium and the short terms which means the strength of the current bearish direction.
During the intraday trades, the pair is nearest to retest for the support level 0.9965 and if the pair is able to break this level down, it will continue declining till reaching the level 0.9940 which represents the targeted price to get out of the channel, also it's expected that with breaking this level down the pair will continue declining till the level 0.9902 which represents 127% Fibonacci retracement continuous level for the bullish direction ( from 0.9965 to 1.0200 ).

This expectation depends on the stability of the resistance level 1.0040.

Res: 1.0085 1.0164 1.0212
Pivot: 1.0037
Sup: 0.9958 0.9910 0.9831


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