http://prntscr.com/4y8fwx
analysis for today 10 / 21 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPNZD on the date 10 / 20 / 2014
OPEN 2.0318
HIGH 2.0322
LOW 2.0226
CLOSED 2.0283
The third resistance (R3) 2.0322 -( 2.0277 - 2.0226 = 0.0051 x 2 = 0.0102 )= 2.0424
The second Resistance (R2) 2.0277 + 2.0322 - 2.0226 = 2.0373
First resistance (R1) 2.0277 x 2 = 4.0554 - 2.0226 = 2.0328
pivot points 2.0322 + 2.0226 + 2.0283 = 6.0831 / 3 = 2.0277
Support for the first (S1) 2.0277 x 2 = 4.0554 - 2.0322 = 2.0232
Support second (S2) 2.0277 -( 2.0322 - 2.0226 = 0.0096 ) = 2.0181
Third Support (S3) 2.0226 -( 2.0322 - 2.0277 = 0.0045 x 2 = 0.0090 )= 2.0136