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Old 18-03-2011, 09:24
GIGFX GIGFX is offline
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Default Friday 18th of March 2011 GIGFX Daily Technical Analysis Report

EUR/USD

Yesterday trades saw the beginning of registering the highest trading prices during the last three months for the European currency against the U.S dollar, whereas the pair was able to break the resistance level 1.4003 which represents the point B for the AB=CD under configuration harmonic pattern to continue forming the CD rib achieving the highest price for yesterday trades at 1.4052, breaking the resistance level 1.4003 came to support the continuality of rising to draw the remaining part for the harmonic pattern, whereas from the expected with breaking the level 1.4052; that the pair will continue rising till the level 1.4100 which represents the complement D point for the harmonic pattern.

This expectation depends on the stability of the support level 1.4003.


Res: 1.4090 1.4163 1.4274
Pivot: 1.3979
Sup: 1.3906 1.3795 1.3722


GBP/USD

The pair movement is still characterized with the sharp oscillation movement for the short-term and now is continuing forming a sideway channel in which the pair is moving inside it; between the resistance level 1.6175 and the support level 1.5985, therefore the pair now is at a confusion area between these two levels, breaking one of them is a condition of confirming the next pair direction.
The price now is testing the resistance level 1.6175, if the pair was able to break this level this time, so the first targeted price for this penetration is trying to test the resistance level 1.06270, but in case of the stability of this level against testing the price for it for the second consecutive time therefore a bearish correction will accompany the price movement during today's trades to target the support level 1.5985 which represents the lower border for this sideway channel.

Res: 1.6217 1.6291 1.6415
Pivot: 1.6093
Sup: 1.6019 1.5895 1.5821


USD/CHF

The dominant direction on the pair movement is the bearish direction for the medium and the short-terms, it's noticed that the movement inside this bearish channel has tested it's lower border at the support level 0.8915 and it reflected up breaking the level 0.9035 and it is still trading above it expecting a slightly rise targeting the resistance level 0.9160 which coincides with testing the pair for the top border of the channel trying find a suitable top to collect the needed momentum to continue declining again.

This expectation depends on the stability of the support level 0.9035.

Res: 0.9041 0.9097 0.9135
Pivot: 0.9003
Sup: 0.8947 0.8909 0.8853


USD/CAD

As noticed in the chart, the pair failed again on breaking the resistance level 0.9960 to form a new top which is the second consecutive top at the same level, one of the conditions for ( double consecutive tops ) reflective pattern for the bullish direction conditions is available, the base of this pattern is at the support level 0.9810 which is located at the same support level 50% Fibonacci retracement correction level for the bullish direction ( from 0.9666 to 0.9972 ), breaking the base of the pattern is the most important condition on remaining the reflective pattern, also there is a negative reflective divergence which is supported by the expected bearish movement for the pair during the next trades, confirming breaking the level 0.9810 means a further drop to reach the level 0.9666 which represents the targeted price for the pattern, to reach this level; the support level 0.9738 must be broken.

Res: 0.9921 0.9989 1.0033
Pivot: 0.9877
Sup: 0.9809 0.9765 0.9697


AUD/USD

The pair has continued forming the bearish direction which embodies through the movement inside the bearish channel, whereas the pair achieved the lowest price during the last three months by reaching the level 0.9715 to form a bearish bottom at this level, the pair rose again to retest the nearest resistance levels, whereas the last intraday trades saw breaking up the top border of the bearish channel to continue the pairís rising to test the important resistance level at 0.9965, if this level is breached up means that the pair will continue rising till reaching the targeted price to get out of this bearish channel at the level 1.0050 which represents at the same time 76.4% Fibonacci retracement correction level for the bearish direction ( from 1.0157 to 0.9715 ), failure of breaking the resistance level 0.9965 means declining again till the support level 0.9860.

Res: 0.9884 0.9961 1.0051
Pivot: 0.9794
Sup: 0.9717 0.9627 0.9550


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