http://prntscr.com/49pk0u
analysis for today 8 / 5 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPNZD on the date 8 / 4 / 2014
OPEN 1.9774
HIGH 1.9792
LOW 1.9740
CLOSED 1.9776
The third resistance (R3) 1.9792 -( 1.9769 - 1.9740 = 0.0029 x 2 = 0.0059 )= 1.9851
The second Resistance (R2) 1.9769 + 1.9792 - 1.9740 = 1.9821
First resistance (R1) 1.9769 x 2 = 3.9539 - 1.9740 = 1.9799
pivot points 1.9792 + 1.9740 + 1.9776 = 5.9308 / 3 = 1.9769
Support for the first (S1) 1.9769 x 2 = 3.9539 - 1.9792 = 1.9747
Support second (S2) 1.9769 -( 1.9792 - 1.9740 = 0.0052 ) = 1.9717
Third Support (S3) 1.9740 -( 1.9792 - 1.9769 = 0.0023 x 2 = 0.0045 )= 1.9695