GIGFX Technical Analysis (Updated Daily)

GIGFX · #1 (**permalink**) 10-02-2011, 13:05

EUR/USD

As was expected through yesterday’s report, the pair continued forming the right shoulder for the head and shoulders pattern and thou the pair broke the resistance level 1.3680 which represents the neck line for the pattern to continue rising after this achieving the highest trading price at the level 1.3743 forming a top at this level to decline from it to retest the nearest support levels.
Now the pair is trading around 1.3680 level which became a support level after breaking it up. It is expected forming a bottom at this level and then push up rising to break the level 1.3743 to continue the bullish direction on the short term targeting the level 1.3861 which represents the target for the head and shoulders pattern.
The stability of these expectations requires the stability of the support level 1.3625.

RES: 1.3779 1.3827 1.3911
PIVOT: 1.3695
SUP: 1.3647 1.3563 1.3515

GBP/USD

The bullish direction is still dominating the trades of the pair for medium and long periods whereas the pair declined at the beginning of this week trades in order to re-test the support level 1.6055 which declared its stability, once the pair hit that level it reflected up again with expectations of more rising in the light of a harmonic pattern (butterfly) which is still in the forming stage and now it is forming the last wave (CD) after breaking the level 1.6055, its re-testing and stability against the pair till now.
So that it is expected to continue rising during trading the pair above the level 1.6055 targeting the level 1.6260 as the first target of the intraday levels, if the pair succeeded to break this level up it means that the pair tends to continue rising in order to achieve the target of the pattern that is formed on the medium-term, this target is to reach the resistance area between the levels 1.6460 and 1.6545.
The stability of these expectations requires the stability of the support level 1.6055.
Yesterday analysis is still remaining till now

RES: 1.6138 1.6176 1.6229
PIVOT: 1.6085
SUP: 1.6047 1.5994 1.5956

USD/CHF

The bullish direction is still dominating the price action for the USD/CHF pair for the intraday levels and for the near-term, the pair declined yesterday testing the support level 0.9555 which represents 50% Fibonacci correction level for the last bearish wave for the medium-term and reflected up testing the resistance level 0.9610 now which represents 61.8% of the same mentioned level with the expectations of more rising in a try to test the resistance level 0.9675 which represents 76.4% of the same mentioned level but under the condition of stability above the resistance level 0.9610.
The stability of these expectations requires the stability of the support level 0.9555.

RES: 0.9640 0.9703 0.9747
PIVOT: 0.9596
SUP: 0.9533 0.9489 0.9426

USD/CAD

After the pair achieved the target of the diamond pattern at 0.9975 around 61.8% correction level for the bearish move (from 1.0055 to 0.9830), the pair formed a top at this level that pushed the pair down to retest the nearest support levels, where it formed a bottom at the support level 0.9916 during yesterday trades to rise from this bottom during the last intraday trades in order to break 0.9975 resistance level, which if the pair was able to break, it will cause more rising to target 1.0002 level that represents 76.4% correction level for the same bearish direction then 1.0055 level.

This analyze requires the stability of the support level 0.9916.

RES: 0.9956 0.9977 1.9998
PIVOT: 0.9935
SUP: 0.9914 0.9893 0.9872

AUD/USD

As it was expected through yesterday report, the pair succeeded to break the support level 1.0102 which represents the base of the reflective pattern (double top) then continued declining till reached the level 1.0047 which represents 38.2% Fibonacci correction level for the bullish direction (from 0.9803 to 1.0198) that the intraday trades are around. It is expected that the pair will break this level down in order to reach the level 1.0000 which represents the target of the pattern and at the same time represents 50% Fibonacci correction level for the same mentioned bullish direction.
The stability of these expectations requires the stability of the resistance level 1.0102.

RES: 1.0152 1.0183 1.0261
PIVOT: 1.0119
SUP: 1.0088 1.0055 1.0024

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GIGFX · #2 (**permalink**) 11-02-2011, 08:39

EURUSD

The bullish move of the European currency against the American dollar did not remain any more whereas, yesterday traded session saw a new bearish position for the pair that pushed it down breaking the support level 1.3680 which was represents the neck line of the head and shoulders pattern that its benefit to continue the bullish move is ended, while the pair was pushing down it was able to break the bullish trend line for the near-term. All these signals confirms the tendency of the pair to continue forming the bearish direction that started at the top that was formed at the level 1.3861, so it is expected that, the pair will continue declining targeting to reach the level 1.3508 which wit its breaking the pair will decline again till reach the support level 1.3445.
The stability of these expectations requires the stability of the resistance level 1.3645.

Res. 1.3699 1.3796 1.3858
Pivot 1.3635
Sup. 1.3540 1.3478 1.3381

GBPUSD

The bullish direction is still dominating the trades of the pair for medium and long periods whereas the pair declined at the beginning of this week trades in order to re-test the support level 1.6055 which declared its stability, once the pair hit that level it reflected up again with expectations of more rising in the light of a harmonic pattern (butterfly) which is still in the forming stage and now it is forming the last wave (CD) after breaking the level 1.6055, its re-testing and stability against the pair till now.
So that it is expected to continue rising during trading the pair above the level 1.6055 targeting the level 1.6260 as the first target of the intraday levels, if the pair succeeded to break this level up it means that the pair tends to continue rising in order to achieve the target of the pattern that is formed on the medium-term, this target is to reach the resistance area between the levels 1.6460 and 1.6545.
The stability of these expectations requires the stability of the support level 1.6055.

Yesterday analysis is still remaining till now

Res. 1.6150 1.6204 1.6273
Pivot 1.6081
Sup. 1.6027 1.5958 1.5904

USDCHF

The bullish direction is still dominating the price action for the intraday levels and for the near-term, the pair rose yesterday as it was expected to target the resistance level 0.9685 that the price is moving around, testing it forming a harmonic pattern AB=CD that targeted this level to complete the formation stage of the pattern, a corrective reflection is expected for the price targeting the support level 0.9645 during today's intraday trades before continue rising again targeting the resistance level 0.9725.
The stability of these expectations requires the stability of the support level 0.9645.

RES. 0.9736 0.9782 0.9864
Pivot 0.9654
Sup. 0.9608 0.9526 0.9480

USDCAD

The pair is still moving inside a bullish channel that was started at the level 0.9830 so it is expected that the pair will continue rising under the condition of breaking the resistance level 0.9968 which represents 61.8% Fibonacci correction level for the last bearish wave with stability above, this will lead the pair to target the level 1.0001 which represents 76.4% Fibonacci correction level.
But if the pair was unable to break the resistance level 0.9968, it will target the support level 0.9952 which represents the bottom line of the channel, and breaking the pair to this level with stability below will lead the pair to target the level 0. 9916 which represents 38.2% of the same Fibonacci levels, but in order to reach this level it must break the level 0.9942 which represents 50% Fibonacci correction level that was noticed previously.

Res. 0.9981 1.0011 1.0037
Pivot 0.9955
Sup. 0.9925 0.9899 0.9869

AUDUSD

As it was expected through yesterday report, the pair achieved the target of the double tops pattern by reaching the level 1.0000 which represents 50% Fibonacci correction level for the bullish direction (from 0.9803 to 1.0198), during the last intraday trades the pair was able to break this level down, this means more expected declining towards the support level 0.9954 which represents 61.8% Fibonacci correction level for the same bearish direction, if this level has been broken down this means targeting the pair to the next support level 0.9896.
The stability of these expectations requires the stability of the resistance level 1.0047.

Res. 1.0116 1.0190 1.0246
Pivot 1.0061
Sup. 0.9987 0.9932 0.9858

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GIGFX · #3 (**permalink**) 14-02-2011, 08:23

EUR/USD

As expected, the European currency is still declining against the American dollar targeting the support level 1.3508 and this is what was achieved already and with the beginning of this week trades, the pair is using the formed bottom at 1.3508 to rise in order to re-test the nearest resistance levels to form a bearish top that will force the pair to decline and form a medium and near-term bearish direction, it is expected for this bearish top to be around the resistance level 1.3598 at which the price is expected to coincide with the top pitchfork line that was drawn for the bullish wave (from 1.3508 to 1.3743), then it will decline to re-test the support level 1.3508 which with its breaking down, the pair will target the next support level 1.3445.

The stability of these expectations requires the stability of the resistance level 1.3625.

Res: 1.3611 1.3677 1.3734
Pivot: 1.3554
Sup: 1.3488 1.3431 1.3365

GBP/ USD

The pair traded high at the beginning of this week after a near-term declining remained during the trades of the last week till reached the support level 1.5980 to test it and reflected up forming a reversal pattern for the near-term bearish direction (bearish wedge pattern), so it is expected that more rising is possible during today's intraday trades but under the condition of breaking the top boarder of this pattern in order to target the resistance level 1.6170 to test it then, test the resistance level 1.6275.

The stability of these expectations requires the stability of the support level 1.5980.

Res: 1.6090 1.6177 1.6241
Pivot: 1.6026
Sup: 1.5939 1.5875 1.5788

USD/CHF

The bullish direction is still dominating the move of the pair for the near-term and intraday levels whereas, it is noticed that the pair is moving inside a bullish channel with a relatively high decline degree, this confirms the strength of the bullish momentum till reached at the end of the last week trades to test the resistance level 0.9775 from which the pair reflected forming a medium-term top which coincides with 61.8% Fibonacci correction level for the last bearish wave for the long-term so, it is a strong resistance level and it is hard to be broken with the first testing process.
So it is expected during today's intraday trades that the pair will reflect down correctly in order to form a new bottom that the pair will use it to continue rising and the first support level that will face the pair down reflection is the support level 0.9685 which represents 50% of the same mentioned correction level.

The stability of these expectations requires the stability of the resistance level0.9755.

Res: 0.9774 0.9817 0.9861
Pivot: 0.9730
Sup: 0.9687 0.9643 0.9600

USD/CAD

The bearish direction is still dominating the pair’s direction for the medium and the short-terms so it is expected through the intraday levels that the pair will continue this bearish direction because the pair now is not still forming the harmonic pattern; whereas the price is moving now at the last wave for the pattern CD which is expected for it to target the support level 0.9784 but confirming this, the pair must break the support level 0.9840 which represents the B point which is ready to break it now.
This scenario depends on the stability after breaking the support level 0.9826 which represents the B point.
But if the pair was not able to break the support level 0.9826 which represents the B point and hold above it, the pair will target the support level 0.9981 which represents the C point.

Res: 0.9955 1.0031 1.0078
Pivot: 0.9908
Sup: 0.9832 0.9785 0.9709

AUD/USD

The pair has formed a bottom around the support level 0.9954 which represents 61.8% Fibonacci retracement correction level for the bullish direction ( from 0.9803 to 1.0198 ) in which the pair used it to retest the nearest resistance levels, this movement between rising and falling; expecting that the pair will embody a bearish channel whereas the pair is trading now at the resistance level 1.0075 which is expected to be one of the resistance levels for the upper border for the waiting channel, therefore it's expected to form a bearish top for the short-term the pair will use to fall again to retest the nearest resistance levels one of which is the 0.9954 level.

This expectation depends on the stability of the resistance level 1.0075.

Res: 1.0061 1.0097 1.0148
Pivot: 1.0010
Sup: 0.9974 0.9923 0.9887

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GIGFX · #4 (**permalink**) 15-02-2011, 08:27

EUR/USD

As remaining to the expected bearish scenario for the European currency against the American dollar, the pair is still forming the bearish rib CD for the harmonic pattern AB=CD that is expected to be completed at the area of the point D between the level 1.3390 and the level 1.3363 which represents 161.8% Fibonacci continuous level for the rib BC. During the last trades, the pair re-tested the resistance level 1.3508 which represents the point B forming a bearish top that the pair will use it to decline, trying to break the support level 1.3445 which with its breaking down the pair will continue declining till reaching the area of the point D that completes the harmonic pattern. It is expected that the price will coincide in the target area with the pitchfork medium line that is drawn on the rib BC.

The stability of these expectations requires the stability of the resistance level 1.3530.

Res: 1.3554 1.3621 1.3684
Pivot: 1.3491
Sup: 1.3424 1.3361 1.3294

GBP/ USD

The pair traded high at the beginning of this week after a near-term declining remained during the trades of the last week till reached the support level 1.5980 to test it and reflected up forming a reversal pattern for the near-term bearish direction (bearish wedge pattern), so it is expected that more rising is possible during today's intraday trades but under the condition of breaking the top boarder of this pattern in order to target the resistance level 1.6170 to test it then, test the resistance level 1.6275.

The stability of these expectations requires the stability of the support level 1.5980.

The previous analyze remains

Res: 1.6085 1.6132 1.6188
Pivot: 1.6029
Sup: 1.5982 1.5926 1.5879

USD/CHF

As it was expected through yesterday report, indeed the pair reflected correcting this sharp near-term bullish direction till reached the support level 0.9685 that was mentioned before to test it. If this level remained steady against the pair testing, the pair will rise but breaking the resistance level 0.9735 confirms the tendency of the pair to continue achieving gains for the near-term and the intraday levels.
But if the support level 0.9685 that the trades are around for today's intraday trades could not be stable, the pair might decline correctly, targeting the support level 0.9640 as the first target for this declining for today's intraday levels.

Res: 0.9731 0.9765 0.9785
Pivot: 0.9711
Sup: 0.9677 0.9657 0.9623

USD/CAD

The bearish direction is still dominating the pair’s direction for the medium and the short-terms, so it is expected through the intraday levels that the pair will continue this bearish direction because the pair now is not still forming the harmonic pattern; whereas the price is moving now at the last wave for the pattern CD which is expected for it to target the support level 0.9784 but confirming this, the pair must break the support level 0.9840 which represents the B point which is ready to break it now.
This scenario depends on the stability after breaking the support level 0.9826 which represents the B point.
But if the pair was not able to break the support level 0.9826 which represents the B point and hold above it, the pair will target the support level 0.9981 which represents the C point.

The previous analysis is still remaining till now

Res: 0.9911 0.9932 0.9965
Pivot: 0.9878
Sup: 0.9857 0.9824 0.9803

AUD/USD

As expected in yesterday report, the pair has formed a bearish top for the medium-term at the resistance level 1.0075 which coincides with the lower border for the bearish channel, so it is expected that the pair will continue moving inside the channel for the medium and the short-terms and it's expected during the next trades a further drop by the direction of the support level 0.9954 which with breaking it down the pair will continue declining to retest the bullish trend line for the long-term.

This expectation depends on the stability of the resistance level 1.0075.

Res: 1.0073 1.0119 1.0166
Pivot: 1.0026
Sup: 0.9980 0.9933 0.9887

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GIGFX · #5 (**permalink**) 16-02-2011, 08:39

EUR/USD

The pair’s move yesterday reflects positive signals for a beginning of an upcoming rise for the Euro against the American dollar, these signals ended completing the bearish rib CD of the positive harmonic pattern AB=CD by reaching the level 1.3428 at the support area 127% Fibonacci continuous level for the rib BC at which the price coincides with the medium pitchfork line that is drawn for the same rib BC and this is a second signal, the next signal was forming a head and shoulders pattern that shifts the bearish direction whereas, the head represents the level 1.3428 that completes the harmonic pattern, the pair continued forming the right shoulder then it is pronounced through the current trades that the pair is trying to break the neck line which with its breaking the pair will continue rising targeting to reach the level 1.3669 which represents the target of the head and shoulders pattern and at the same time represents 76.4% Fibonacci correction level for the bearish rib CD.

The stability of these expectations requires the stability of the support level 1.3475.

Res: 1.3535 1.3587 1.3624
Pivot: 1.3498
Sup: 1.3446 1.3409 1.3357

GBP/ USD

The pair traded high at the beginning of this week after a near-term declining remained during the trades of the last week till reached the support level 1.5980 to test it and reflected up forming a reversal pattern for the near-term bearish direction (bearish wedge pattern), so it is expected that more rising is possible during today's intraday trades but under the condition of breaking the top boarder of this pattern in order to target the resistance level 1.6170 to test it then, test the resistance level 1.6275.

The stability of these expectations requires the stability of the support level 1.5980.

The previous analyze remains

Res: 1.6193 1.6261 1.6355
Pivot: 1.6099
Sup: 1.6031 1.5937 1.5869

USD/CHF

The support level 0.9685 failed to hold steady against the price testing after the pair tried to rise testing the resistance level 0.9735 and took it as a support to break the support level 0.9685 continuing its corrective declining during yesterday trades with expectations of more declining during today's intraday trades targeting the support level 0.9595 which represents 38.2% Fibonacci correction level for the last long-term bearish wave.

The stability of these expectations requires the stability of the resistance level 0.9685.

Res: 0.9715 0.9761 0.9793
Pivot: 0.9683
Sup: 0.9637 0.9605 0.9559

USD/CAD

Since the end of the last week trades till now, the pair is moving inside the sideways channel between the support level 0.9840 which represents the lower border for the channel and the B point for the harmonic pattern which will be mentioned and the resistance level which represents the top border for the channel 0.9900 but the bearish direction is still dominating the pair’s direction for the medium and the short-terms, so it is expected through the intraday levels that the pair will continue this bearish direction because the pair now is still forming the harmonic pattern; whereas it is moving now at the last wave for the pattern CD which is expected for it to target the support level 0.9784 but confirming this, the pair must break the support level 0.9840 which represents the B point which is ready to break it now.

This scenario depends on the stability after breaking the support level 0.9826 which represents the B point.

But if the pair was not able to break the support level 0.9826 which represents the B point and hold above it, the pair will target the support level 0.9981 which represents the C point.

Res: 0.9915 0.9934 0.9968
Pivot: 0.9881
Sup: 0.9862 0.9828 0.9809

AUD/USD

As expected in yesterday report, the pair continued declining inside the bearish channel till it reached the level 0.9954 which represents 61.8% Fibonacci retracement correction level for the bullish direction ( from 0.9803 to 1.0198 ), a bottom was formed at this level which pushed the pair up from it to retest the nearest resistance levels one of which is the level 1.0000 which coincides at it the price with the lower border for the bearish channel, the pair is trying to form a new bearish top at this level and the pair will use it to continue falling trying to break the level 0.9954 which with breaking it down the pair will continue falling till the confined area which is between the bullish trend line for the short-term and the level 0.9896 which represents 76.4% Fibonacci retracement correction level for the same mentioned bullish direction.

This expectation depends on the stability of the resistance level 1.0000.

Res: 1.0030 1.0099 1.0143
Pivot: 0.9986
Sup: 0.9917 0.9873 0.9804

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GIGFX · #6 (**permalink**) 17-02-2011, 08:34

EUR/USD

During yesterday trades; after breaking the neck line for the head and shoulders pattern, the pair reflected again below the neck line, but this declining did not remain for a long time because of the appearance of an engulfing candlestick returned the price action again above the neckline of the harmonic pattern achieving the highest price at the level 1.3588, So it is expected for the pair during the upcoming trades that the pair will rise targeting the level 1.3669 which represents the target of the head and shoulders harmonic pattern and at the same time represents 76.4% Fibonacci correction level for the harmonic pattern AB=CD.

The stability of these expectations requires the stability of the support level 1.3520.

Res: 1.3616 1.3665 1.3742
Pivot: 1.3539
Sup: 1.3490 1.3413 1.3364

GBP/ USD

The bullish direction is still dominating the trades of the pair for the medium-term, and by determining Fibonacci's correction levels for the last bullish wave it will be noticed that, the pair declined yesterday testing the support level 1.6010 which represents 50% Fibonacci correction level to reflect up again confirming the tendency of the pair to continue rising up with expectations of more rising during today's intraday trades but under the condition of breaking the resistance level 1.6150 then, the pair will push to target the resistance level 1.6230, and what confirms this bullish scenario is trading the pair above the simple moving average 100.
So that, it is not recommended to have any bullish positions on the pair until breaking the resistance level 1.6150 that was mentioned before.

The stability of these expectations requires the stability of the support level 1.6010.

Res: 1.6189 1.6285 1.6386
Pivot: 1.6088
Sup: 1.5992 1.5891 1.5795

USD/CHF

After the pair broke the bullish channel that was started at the level 0.9320 then achieved the target of breaking out this channel by reaching the support level 0.9547 which represents 50% Fibonacci correction level for the last bullish wave.
So it is expected that the pair will continue the corrective direction during today's intraday trades and will take the bearish direction till reaching the support level 0.9493 which represents61.8% Fibonacci correction level but under the condition of breaking the support level 0.9547 which represents 50% Fibonacci correction level with stability below.
But if the pair was unable to break this level, the pair will reach the resistance level 0.9601 which represents 38.2% Fibonacci correction level.

Res: 0.9703 0.9813 0.9888
Pivot: 0.9628
Sup: 0.9518 0.9443 0.9333

USD/CAD

During the Asian trading period, the pair broke the support level 0.9840 which coincides with the lower boarder for the sideways channel which the pair is moving inside it for the near-term and also it coincides with the B point for the harmonic pattern which will be mentioned, the stability of the pair under this level will make the bearish direction dominate the pair’s direction for the medium and the short-terms, so it is expected through the intraday levels that the pair will continue this bearish direction because the pair now is still forming the harmonic pattern; whereas it is moving now at the last wave for the pattern CD which is expected for it to target the support level 0.9784 but confirming this, the pair must break the support level 0.9840 which represents the B point.

This scenario depends on the stability after breaking the support level 0.9826 which represents the B point.

But if the pair was not able to be stabled under the support level 0.9826 which represents the B point and hold above it, the pair will target the support level 0.9981 which represents the C point.

Res: 0.9885 0.9922 0.9943
Pivot: 0.9864
Sup: 0.9827 0.9806 0.9769

AUD/USD

The pair formed a new bottom at the support level 0.9960 which is the second consecutive bottom at the same level, this is one of the conditions on remaining a bearish reflective pattern which is the double consecutive bottoms, breaking the top border for the bearish channel where the pair was moving inside for the short-term is what confirms on remaining this reflective pattern, with breaking the top of the reflective pattern at the resistance level 1.0071 which represents 50% Fibonacci retracement correction level for the bearish direction ( from 1.0198 to 0.9943 ), the pair will continue rising till reaching the level 1.0180 which represents the targeted price for the pattern, from the expected to coincide the price at this targeted price with the bearish trend line for the long-term.

This expectation depends on the stability of the support level 0.9960.

Res: 1.0070 1.0111 1.0167
Pivot: 1.0014
Sup: 0.9973 0.9917 0.9876

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GIGFX · #7 (**permalink**) 18-02-2011, 08:20

EUR/USD

As it was expected through yesterday report, the European currency continued rising against the American dollar whereas; the pair reached the coinciding area of the level 1.3623 with the bearish trend line. The level 1.3623 represents 61.8% Fibonacci correction level for the Rib CD of the harmonic pattern AB=CD and the bearish trend line matches the point A with C, the pair is lifted to target the harmonic pattern (head and shoulders) and it is by reaching the level 1.3669 which represents 76.4% Fibonacci correction level for the same mentioned rib, in order to reach this level the pair should break the bearish trend line and the resistance level 1.3623. It is expected also that the pair will continue rising in the case of breaking the level 1.3669 up then the pair will target the resistance level 1.3743.

The stability of these expectations requires the stability of the support level 1.3520.

Res: 1.3640 1.3671 1.3724
Pivot: 1.3587
Sup: 1.3556 1.3503 1.3472

GBP/ USD

As it was expected through yesterday report, indeed the pair succeeded to rise in order to target the resistance level 1.6150 at the end of yesterday trades, also succeeded to break it at today's trades with stability above, this supports the expectations of remaining the bullish direction for the pair during today's intraday trades targeting the resistance level 1.6275.

The stability of this scenario is still remaining by holding the support level 1.6075 steady.

Res: 1.6213 1.6255 1.6325
Pivot: 1.6143
Sup: 1.6101 1.6031 1.5989

USD/CHF

After the pair achieved the target that was expected yesterday by reaching the support level 0.9493 which represents 61.8% Fibonacci correction level for the last bullish wave but it was unable to be steady below this level.
So it is expected that the pair will continue the corrective direction during today's intraday trades and will take the bearish direction till reaching the support level 0.9428 which represents 76.4% Fibonacci correction level but under the condition of breaking the support level 0.9493 which represents 61.8% % Fibonacci correction level with stability below.
But if the pair was unable to break this level, it will target to reach the resistance level 0.9549 which represents 50% Fibonacci correction level.

Res: 0.9573 0.9650 0.9698
Pivot: 0.9525
Sup: 0.9448 0.9400 0.9323

USD/CAD

The pair broke the support level 0.9840 which coincides with the lower boarder for the sideways channel which the pair is moving inside it for the near-term and also it coincides with the B point for the harmonic pattern which will be mentioned, the stability of the pair under this level will make the bearish direction dominate the pair’s direction for the medium and the short-terms, so it is expected through the intraday levels that the pair will continue this bearish direction because the pair now is still forming the harmonic pattern; whereas it is moving now at the last wave for the pattern CD which is expected for it to target the support level 0.9784 but confirming this, the pair must break the support level 0.9840 which represents the B point.

This scenario depends on the stability after breaking the support level 0.9826 which represents the B point.

But if the pair was not able to be stabled under the support level 0.9826 which represents the B point and hold above it, the pair will target the support level 0.9981 which represents the C point.

The previous analysis is still remaining till now

Res: 0.9862 0.9882 0.9907
Pivot: 0.9837
Sup: 0.9817 0.9792 0.9772

AUD/USD

Yesterday trades achieved the second condition of remaining the ( double consecutive bottoms ) as a reflective bearish direction pattern and the condition was breaking the resistance level 1.0071 which represents the top for the pattern and also represents 50% Fibonacci retracement correction level for the bearish direction ( from 1.0198 to 0.9943 ), therefore the pair has pushed up during the last intraday trades expecting for the pair to continue rising till it reaches the level 1.0180 which represents the targeted price for the pattern, it's expected that the price will coincide at this targeted area with the bearish trend line for the long-term.

This expectation depends on the stability of the support level 1.0071.

Res: 1.0158 1.0199 1.0270
Pivot: 1.0087
Sup: 1.0046 0.9975 0.9934

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GIGFX · #8 (**permalink**) 21-02-2011, 08:39

EUR/USD

The European currency continued rising against the American dollar whereas, the pair reached the level 1.3669 which represents the target of the head and shoulders pattern and also represents 76.4% Fibonacci correction level for the rib CD of the harmonic pattern AB=CD. The pair ended the last week trading session achieving the highest price at 1.3715 at which the pair formed a top and was pushed from it declining in order to re-test the nearest support levels, one of them is the level 1.3669 at which the pair is forming a short-term bullish bottom during the last intraday trades.
It is expected that the pair will use the formed bullish bottom in order to continue forming the bullish directions whereas it is expected with breaking the level 1.3715 that the pair will target to reach the resistance level 1.3743 then the resistance level 1.3828 which represents127% Fibonacci continuous level for the rib CD.

The stability of these expectations requires the stability of the support level 1.3623.

Res: 1.3561 1.3423 1.3431
Pivot: 1.3431
Sup: 1.3691 1.3683 1.3821

GBP/ USD

As it was expected at the end of the last week trades, indeed the pair succeeded to rise testing the resistance level 1.6275 that the pair is still trading around till now, expecting a reflective down correction during today's intraday trades targeting to re-test the support level 1.6150 in order to collect the needed momentum to continue rising and to break the resistance level 1.6275.
But if the pair succeeded to break the resistance level 1.6275 during today's intraday trades, it will target immediately the resistance level 1.6350 in order to test it.

The stability of these expectations requires the stability of the support level 1.6150.

Res: 1.6288 1.6331 1.6400
Pivot: 1.6219
Sup: 1.6176 1.6107 1.6064

USD/CHF

After the pair achieved the mentioned target at the end of the last week which is testing the support level 0.9428 which represents 76.4% Fibonacci correction level for the last bullish wave but wasn’t able to be stability below, so it is expected for the pair to continue the corrective direction during today's intraday trades and will take the bearish side till reaching the support level 0.9320 which represents the beginning of the bullish channel in which the pair is continuing its direction through Fibonacci's mentioned levels but it should break the support level 0.9428 with stability below, this level represents 76.4% Fibonacci mentioned level.
But if the pair was unable to break this level, this will give the pair the chance to reach the resistance level 0. 9494which represents 61.8% Fibonacci level, then the resistance level 0. 9549 which represents 50% Fibonacci level for the mentioned levels.

Res: 0.9516 0.9578 0.9618
Pivot: 0.9476
Sup: 0.9414 0.9374 0.9312

USD/CAD

During last week trades the pair has formed a double consecutive pattern which was formed at the level 0.981, the pair broke the neckline at the level 0.9858 and it is trying to reach the targeted resistance level 0.9900 but this depends on the stability of the support level 0.9858.
But if the pair is unable to be stable above the support level, so the pair will be able to form a new pattern which is the consecutive bottoms and forming a third bottom at the support level 0.9813.

Res: 0.9885 0.9907 0.9941
Pivot: 0.9851
Sup: 0.9829 0.9795 0.9773

AUD/USD

During the end of last week trades the pair achieved the highest price at the level 1.0155, this level expresses the continuing of the pair on forming the bullish directions for the short-term reaching the level 1.0180 which represents the targeted price for the pattern ( double consecutive bottoms ), therefore it is expected that the pair will continue rising during the next trades reaching this level which will be achieved after breaking the level 1.0155.

This expectation depends on the stability of the support level 1.0071.

Res: 1.0170 1.0196 1.0238
Pivot: 1.0128
Sup: 1.0102 1.0060 1.0034

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GIGFX · #9 (**permalink**) 22-02-2011, 08:49

EUR/USD

Yesterday and during the beginning of this week's trades, the pair did not achieve a price higher than 1.3716 $ whereas this price was the highest achieved price during the trades of the last week, and that’s why yesterday trades were narrow which reflects the collecting of the needed momentum that will indicate the next direction of the upcoming trades. It is noticed through the Asian period trades a strong declining which pushed the pair to break the bottom boarder of the bullish channel in which the pair was moving between its boarders for the near-term, whereas the pair now is testing the key support 1.3572 which represents 50% Fibonacci's correction level for the uptrend (from 1.3528 to 1.3716) and which coincides with the broken bearish trend line for the medium-term. If the pair succeeded to break this area this means that, the pair is tending to continue this bearish move targeting the level 1.3465 which represents the target of getting out of the range of this bullish channel.

Res: 1.3561 1.3423 1.3431
Pivot: 1.3553
Sup: 1.3691 1.3683 1.3821

GBP/ USD

Yesterday, the pair failed to break the mentioned key resistance 1.6275, the pair reflected down breaking the key support 1.6150 which represents 23.6% Fibonacci's correction level for the last medium-term bullish wave with expectations of more declining during today's intraday trades targeting the key support 1.6075 which represents 38.2% Fibonacci's correction level but under the condition of holding the pair steady below the level 1.6150.

The stability of these expectations requires the stability of the key resistance 1.6275.

Res: 1.6288 1.6331 1.6400
Pivot: 1.6219
Sup: 1.6176 1.6107 1.6064

USD/CHF

During the trades of the last days, the pair formed the inverted flag pattern, so the expected direction is the bearish one but under the condition of breaking the bottom boarder of this inverted flag pattern and then the pair will target and break the key support 0.9424 with stability below, this will push the pair down to reach the key support 0.9371.

The stability of these expectations requires the stability of the key resistance 0.9508.

Res: 0.9516 0.9578 0.9618
Pivot: 0.9476
Sup: 0.9414 0.9374 0.9312

USD/CAD

The pair is taking a sideway direction inside this sideways channel which is between the resistance level 0.9868 and the support level 0.9820 but it's clear that the pair will target the bullish direction and this is because of forming the pair the double consecutive bottoms pattern at the support level 0.9820 but the neckline for the pattern must be broken which also coincides with the upper line for the sideways channel at the resistance level 0.9868.

This expectation depends on the stability of the support level 0.9820.

Res: 0.9885 0.9907 0.9941
Pivot: 0.9851
Sup: 0.9829 0.9795 0.9773

AUD/USD

The pair hasn't recorded a price above the level 1.0155 during yesterday trades ending with this the probability of reaching the level 1.0180 which represents the targeted price for the double consecutive pattern, whereas the pair has pushed down breaking the support level 1.0071 which represents the top of the pattern to confirm by this on returning the pair again to form a new bearish direction for the short-term whereas it's expected that the bearish move will be continued during the next trades towards the confined support area which is between the level 0.9960 and the level 0.9943 which is expected to coincide at it the price with the bullish trend line for the long-term.

This expectation depends on the stability of the resistance level 1.0085.

Res: 1.0170 1.0196 1.0238
Pivot: 1.0128
Sup: 1.0102 1.0060 1.0034

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GIGFX · #10 (**permalink**) 23-02-2011, 08:16

EUR/USD

Yesterday trades saw a remaining decline for the pair till reached the area of re-testing the medium-term bearish trendline that has been broken up whereas, reflective candles has been formed for this decline coincides with the trendline, the pair formed a bottom that is expected to be a bullish one for the medium-term. during the last intraday trades, the pair used this bottom to rise again in order to test the key resistance 1.3716 which with its breaking up, the pair will continue rising targeting the level 1.3767 which represents 127% Fibonacci's continuous level for the bearish wave (1.3716 to 1.3526) then to the next level at 1.3833 which represents 161.8% Fibonacci's continuous level for the same mentioned bearish wave.

The stability of these expectations requires the stability of the key support 1.3643.

Res: 1.3726 1.3803 1.3903
Pivot: 1.3626
Sup: 1.3549 1.3449 1.3372

GBP/ USD

The key resistance 1.6260 is still holding steady against the confirmation of rising the pair for the medium and long-term whereas, the pair reflected down after testing this level reaching the lowest price during yesterday trades at 1.6100, this indicates a corrective approaching bearish direction for the intraday levels, now the pair seems looking for a top that supports this corrective direction during today's intraday trades and it is supposed to be around the key resistance 1.6195, and it is not recommended to have any bearish positions only if the pair broke the key support 1.6155 in order to confirm the tendency of the pair to continue declining during today's intraday trades targeting the key support 1.5990.

The stability of these expectations requires the stability of the key resistance 1.6260.

Res: 1.6254 1.6283 1.6309
Pivot: 1.6228
Sup: 1.6199 1.6173 1.6144

USD/CHF

The bearish direction is still dominating the pair's move for the near and medium-term, this direction has been formed through the move between the boarders of a bearish channel. during the upcoming trades, the pair is in its way to test the important key support 0.9325 then, if the pair succeeded to break this level with a good close below, the pair will continue forming the bearish direction targeting to reach the level 0.9204 which represents 127% Fibonacci's continuous level for the bullish move (from 0.9325 to 0.9774). But if the pair succeeded to form a bottom above this important support level, the pair will try to rise again to test the key resistance 0.9431.

Res: 0.9472 0.9558 0.9611
Pivot: 0.9419
Sup: 0.9333 0.9280 0.9194

USD/CAD

It's noticed that the pair is moving towards a bearish direction below the bearish trend line which was started at the level 1.0045, therefore from the expected that during the intraday trades the pair will decline and it seems that the pair is ready to test the support level 0.9868 which represents 23.6 Fibonacci retracement correction level for the last bearish wave for the medium-term, breaking this level and the stability of it will give the opportunity for the pair in order to complete the bearish direction till it reaches the support level 0.9813 at which a bottom was formed at it before.

This expectation depends on the stability below the bearish direction line at the resistance level 0.9909.

Res: 0.9941 0.9977 1.0037
Pivot: 0.9881
Sup: 0.9845 0.9785 0.9749

AUD/USD

The pair continued declining as was mentioned in yesterday report till it reached the support area between the level 0.9960 and the level 0.9943, the pair has formed a new bottom on the limits of this area which will use it the pair to rise during the last intraday trades to retest the nearest resistance levels, whereas the pair is now trying to retest the resistance level 1.0071 which with breaking it up; it means a further rise till the next resistance level at 1.0101.

This expectation depends on the stability of the support level 0.9960.

Res: 1.0065 1.0144 1.0194
Pivot: 1.0015
Sup: 0.9936 0.9886 0.9807

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