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Old 23-03-2011, 09:41
GIGFX GIGFX is offline
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Join Date: Feb 2011
Posts: 129
Default Wednesday 23rd of March 2011 GIGFX Daily Technical Analysis Report


Although the pair registered the highest price at 1.4248 during yesterday trades, but failed to be stable above the level 1.4240 which represents the highest price of the trades during the day before yesterday, this was an important sign of beginning a corrective bearish direction for the short-term, breaking the bottom boarder of the bullish channel in which the pair was moving for the short-term also confirms the beginning of this corrective bearish direction so that, it is expected that the pair will continue declining during the upcoming trades targeting to reach the level 1.4131 which represents 23.6% Fibonacci's correction level for the uptrend (from 1.3752 to 1.4248), this breaking performs as another confirmation to continue the corrective bearish direction which will target to reach the support level 1.4035.

The stability of the expectations requires the stability of the resistance level 1.4240.

Res: 1.4238 1.4277 1.4307
Pivot: 1.4208
Sup: 1.4169 1.4139 1.4100


The pair succeeded at the end of last week trades to break up the confusion area between the level 1.6175 and the level 1.5985 as it was expected, speculating more rise during today's intraday trades targeting the resistance level 1.6270 as the first targets of breaking out the short-term sideway move, if the pair succeeded to break this level with stability above, it will target to reach the resistance level 1.6355.

The stability of these expectations requires the stability of the support level 1.6270.

Res: 1.6417 1.6462 1.6525
Pivot: 1.6354
Sup: 1.6309 1.6246 1.6201


Yesterday trades were in narrow range, this reflects collecting the momentum that the pair will use it to form the upcoming direction whereas, during the last trades, the pair was trying to break the short-term bullish trendline but faced the support level 0.9010 so that, if the pair tended to continue declining, it should break the level 0.9010 then it will continue declining till reaches the level 0.8915 that its breaking represents an important case in order to register new records. And if the pair succeeded to break up the resistance level 0.9090 it means the beginning of a bullish corrective move targeting initially to reach the level 0.9201.

Res: 0.9056 0.9079 0.9101
Pivot: 0.9034
Sup: 0.9011 0.8989 0.8966


As noticed in the chart, during yesterday trades for the short-term the pair has broken the bearish channel correcting the direction but the pair reached it's first target at the resistance level 0.9829 which represents 38.20% Fibonacci retracement correction level for the last bearish wave but the pair couldn’t hold above it although testing it for this level therefore from the expected that the pair will continue the bullish direction till reaches the resistance level 0.9880 which represents 61.8% previous Fibonacci retracement correction level.
In condition, the pair has to break the resistance level 0.9829 which represents 38.20% Fibonacci retracement correction level.

Res: 0.9829 0.9855 0.9898
Pivot: 0.9786
Sup: 0.976 0.9717 0.9691


As expected in yesterday report, the pair continued rising till reached the bearish trendline for the medium and the long-terms, whereas the pair formed a top that coincided at it the trendline with the level 1.0127 which represents the highest trading price for yesterday trades, this top pushed the pair down to test the support level 1.0050, if a new bottom is formed at this level; it will represent a short-term bottom and will force the pair to rise again trying to break the bearish trendline which with its breaking and with breaking up the level 1.0127 ; the pair will continue rising till the level 1.0157 then the level 1.0200, but if the pair break the support level 1.0050 means a further drop till the next support level at 0.9984.

Res: 1.0145 1.0182 1.0237
Pivot: 1.0090
Sup: 1.0053 0.9998 0.9961

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