http://prntscr.com/4bykf0
analysis for today 8 / 12 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle USD/CAD on the date 8 / 11 / 2014
OPEN 1.0969
HIGH 1.0976
LOW 1.0918
CLOSED 1.0921
The third resistance (R3) 1.0976 -( 1.0938 - 1.0918 = 0.0020 x 2 = 0.0041 )= 1.1017
The second Resistance (R2) 1.0938 + 1.0976 - 1.0918 = 1.0996
First resistance (R1) 1.0938 x 2 = 2.1877 - 1.0918 = 1.0959
pivot points 1.0976 + 1.0918 + 1.0921 = 3.2815 / 3 = 1.0938
Support for the first (S1) 1.0938 x 2 = 2.1877 - 1.0976 = 1.0901
Support second (S2) 1.0938 -( 1.0976 - 1.0918 = 0.0058 ) = 1.0880
Third Support (S3) 1.0918 -( 1.0976 - 1.0938 = 0.0038 x 2 = 0.0075 )= 1.0843


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