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Old 25-03-2011, 09:35
GIGFX GIGFX is offline
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Posts: 129
Default Friday 25th of March 2011 GIGFX Daily Technical Analysis Report


The pair continued the corrective bearish direction for the short-term that was mentioned in the previous report till reached the level 1.4059 which represents 38.2% Fibonacci's correction level for the bullish move (from 1.3752 to 1.4248) registering the highest price during yesterday trades at the level 1.4053 which coincides with the medium-term bullish trendline, a bottom has been formed at this area and the pair used it to rise again to re-test the nearest resistance levels till reached the resistance level 1.4215. It is expected that the pair will continue rising in order to continue the major bullish direction for the medium and the long-term, and also expected with breaking the resistance levels 1.4215 and 1.4248, the pair will continue rising till reaches the level 1.4289 which represents 127% Fibonacci's continuous level for the bearish wave (from 1.4248 to 1.4053).

The stability of these expectations requires the stability of the support level 1.4145.

Res: 1.4243 1.4314 1.4409
Pivot: 1.4148
Sup: 1.4077 1.3982 1.3911


As was expected yesterday, the pair declined till reached the support level 1.6135 which represents 61.8% Fibonacci retracement level for the last bullish wave on the short term trying to reach the most important support level during this declining wave at the level 1.6070 which represents 76.4% Fibonacci retracement level which also coincides with the lower boarder of the bullish pitchfork for the last bearish corrective wave on the long term. This is level will determine the direction of the pair in the next trades where the most problae to hold this level and the pair will try to rise targeting the resistance level 1.6235 during todayís intraday trades.

This expectation depends on the stability of the support level 1.6070

Res: 1.6227 1.6334 1.6402
Pivot: 1.6159
Sup: 1.6052 1.5984 1.5877


Through this chart it is noticed that, the pair is in the forming stage of AB=CD harmonic pattern where the resistance level 0.9125 represents the point B and if the pair succeeded to break this level during the upcoming trades, it will continue forming the bullish rib CD which targets to reach the resistance area between the resistance levels 0.9170 and 0.9195 which represents 61.8% Fibonacciís correction level for the bearish move (from 0.9368 to 0.8915), this area represents the point D that completes the harmonic pattern.

The stability of these expectations requires the stability of the support level 0.9027.

Res: 0.9129 0.9175 0.9225
Pivot: 0.9079
Sup: 0.9033 0.8983 0.8937


As noticed in the chart, the pair is moving inside the pitchfork channel for the last bullish wave for the short-term therefore the pairís ability on breaking the support level 0.9744 by a good close below it will lead the pair to target the support level 0.9699.
But in case the pair tried to test the resistance level 0.9779 with a good close above it, so the pair will target the resistance level 0.9839.

Res: 0.9792 0.9854 0.9885
Pivot: 0.9761
Sup: 0.9699 0.9668 0.9606


The Australian dollar is continuing rising against the American dollar, whereas the pair was able to break the resistance level 1.0200 which was the expected targeted level during the previous reports, breaking the level 1.0200 is a strong signal on continuing the bullish direction for the long-term, whereas the pair is on it's way to test the level 1.0255 during the intraday trades which is the highest historical level for the pair, if the pair is able to break this level so, the pair will continue rising till reaching the level 1.0334 which represents 127% Fibonacci retracement continuous level for the bearish direction ( from 1.0200 to 0.9705 ).

This expectation depends on the stability of the support level 1.0200.

Res: 1.0252 1.0297 1.0368
Pivot: 1.0181
Sup: 1.0136 1.0065 1.0020

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