http://prntscr.com/434qjz
analysis for today 7 / 16 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle USD/CAD on the date 7 / 15 / 2014
OPEN 1.0711
HIGH 1.0768
LOW 1.0710
CLOSED 1.0757
The third resistance (R3) 1.0768 -( 1.0745 - 1.0710 = 0.0035 x 2 = 0.0070 )= 1.0838
The second Resistance (R2) 1.0745 + 1.0768 - 1.0710 = 1.0803
First resistance (R1) 1.0745 x 2 = 2.1490 - 1.0710 = 1.0780
pivot points 1.0768 + 1.0710 + 1.0757 = 3.2235 / 3 = 1.0745
Support for the first (S1) 1.0745 x 2 = 2.1490 - 1.0768 = 1.0722
Support second (S2) 1.0745 -( 1.0768 - 1.0710 = 0.0058 ) = 1.0687
Third Support (S3) 1.0710 -( 1.0768 - 1.0745 = 0.0023 x 2 = 0.0046 )= 1.0664