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Old 14-03-2011, 09:27
GIGFX GIGFX is offline
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Default Monday 14th of March 2011 GIGFX Daily Technical Analysis Report

EUR/USD

The European single currency returned rising again V.S the American dollar at the end of the last week trades, this rising came after forming a corrective bearish move that reached the area of the level 1.3731which represents 50.0% Fibonacci's correction level for the uptrend (from 1.3428 to 1.4035), to form a bottom that returned the pair to rise again breaking the resistance level 1.3860 and also broke the bearish trendline for the near-term.
With the beginning of this week trades, the pair registered a bullish gap that confirms the strength of the bullish move that is dominating the pair now, a top has been formed at the level 1.3968 which represents 61.8% Fibonacci's correction level for the downtrend (from 1.4035 to 1.3752) and declined from it during the last intraday trades trying to cover the whole bullish gap whereas, with covering this bullish gap the pair will rise breaking the resistance level 1.3968 targeting to reach the resistance level 1.4035.

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

Res: 1.3964 1.4020 1.4126
Pivot: 1.3858
Sup: 1.3802 1.3696 1.3640



GBP/ USD

The pair is moving inside a short-term bearish channel and through this chart it is noticed that the pair was testing its bottom boarder at the end of the trades of last week at the support level 1.5995 which coincided with the destination of the harmonic pattern AB=CD, this led to a corrective reflection upwards targeting to test the top boarder of this bearish channel that the pair reached indeed at the beginning of the Asian trades of today and the beginning of this week trades, expecting more declining as long as moving inside this channel targeting the support level 1.5995 again followed by the support level 1.5885 but under the condition of breaking the support level 1.5995.

The stability of these expectations requires the stability of the resistance level 1.6090.

Res: 1.6118 1.6157 1.6228
Pivot: 1.6047
Sup: 1.6008 1.5937 1.5898



USD/CHF

The pair is still forming a corrective bullish direction for the short and medium-term, this direction has been formed through moving inside a bullish channel, the current trades are around the coinciding area of the support level 0.9265 with the bottom boarder of the channel. It is expected that the pair will continue forming a bottom at this area and the pair will use it to rise again targeting the level 0.9365 which with its breaking up, the pair will rise more till reaching the level 0.9420 which represents 38.2% fibonacci's correction level for the downtrend (from 0.9774 to 0.9201) at which the price is expected to coincide with the top boarder of the bullish channel.

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

Res: 0.9344 0.9396 0.9435
Pivot: 0.9305
Sup: 0.9253 0.9214 0.9162



USD/CAD

As what noticed in the chart, the pair is above the bullish trend line for the intraday levels for the short-term after the first trial in which the pair tried to complete the direction then it reached the resistance level 0.9777 which represents 38.2% Fibonacci retracement correction level for the last bearish wave but it failed, the pair is trying now to reach the resistance level 0.9777 which represents 38.2% same previous mentioned Fibonacci retracement correction level but with the condition of breaking the resistance level 0.9735 which represents 23.6% Fibonacci retracement correction level.

This expectation depends on the stability of the pair above the bullish trend line at the support level 0.9722.


Res: 0.9776 0.9836 0.9873
Pivot: 0.9739
Sup: 0.9679 0.9642 0.9582



AUD/USD

The pair couldn’t break the central support level 0.9965 forming a new bottom at this level, the pair used this bottom to rise again to retest the nearest resistance levels which didn't stand along against the strong rising which dominated the pair during last week trades, the pair continued rising till the bearish trend line for the medium-term which coincides at the price with the resistance level 1.0145 which represents 76.4% Fibonacci retracement correction level for the bearish direction ( from 1.0200 to 1.0067 ), a top has formed at this area in which the pair declined again searching for forming a bullish bottom for the short-term which will use it the pair to rise again trying to break the level 1.0145 as well as breaking the bearish trend line then reaching the resistance level 1.0200, expecting for the bullish bottom to be within the limits of the support level 1.0056.


Res: 1.0211 1.0279 1.0401
Pivot: 1.0089
Sup: 1.0021 0.9899 0.9831


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