http://prntscr.com/4b1nf4
analysis for today 8 / 11 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle USD/CAD on the date 8 / 8 / 2014
OPEN 1.0924
HIGH 1.0983
LOW 1.0909
CLOSED 1.0972
The third resistance (R3) 1.0983 -( 1.0955 - 1.0909 = 0.0046 x 2 = 0.0091 )= 1.1074
The second Resistance (R2) 1.0955 + 1.0983 - 1.0909 = 1.1029
First resistance (R1) 1.0955 x 2 = 2.1909 - 1.0909 = 1.1000
pivot points 1.0983 + 1.0909 + 1.0972 = 3.2864 / 3 = 1.0955
Support for the first (S1) 1.0955 x 2 = 2.1909 - 1.0983 = 1.0926
Support second (S2) 1.0955 -( 1.0983 - 1.0909 = 0.0074 ) = 1.0881
Third Support (S3) 1.0909 -( 1.0983 - 1.0955 = 0.0028 x 2 = 0.0057 )= 1.0852