http://prntscr.com/4ufj5o
analysis for today 10 / 9 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle NZD/USD on the date 10 / 8 / 2014
OPEN 0.7833
HIGH 0.7913
LOW 0.7782
CLOSED 0.7905
The third resistance (R3) 0.7913 -( 0.7867 - 0.7782 = 0.0085 x 2 = 0.0169 )= 0.8082
The second Resistance (R2) 0.7867 + 0.7913 - 0.7782 = 0.7998
First resistance (R1) 0.7867 x 2 = 1.5733 - 0.7782 = 0.7951
pivot points 0.7913 + 0.7782 + 0.7905 = 2.3600 / 3 = 0.7867
Support for the first (S1) 0.7867 x 2 = 1.5733 - 0.7913 = 0.7820
Support second (S2) 0.7867 -( 0.7913 - 0.7782 = 0.0131 ) = 0.7736
Third Support (S3) 0.7782 -( 0.7913 - 0.7867 = 0.0046 x 2 = 0.0093 )= 0.7689