http://prntscr.com/4f9iju
analysis for today 8 / 22 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle NZD/USD on the date 8 / 21 / 2014
OPEN 0.8372
HIGH 0.8411
LOW 0.8347
CLOSED 0.8404
The third resistance (R3) 0.8411 -( 0.8387 - 0.8347 = 0.0040 x 2 = 0.0081 )= 0.8492
The second Resistance (R2) 0.8387 + 0.8411 - 0.8347 = 0.8451
First resistance (R1) 0.8387 x 2 = 1.6775 - 0.8347 = 0.8428
pivot points 0.8411 + 0.8347 + 0.8404 = 2.5162 / 3 = 0.8387
Support for the first (S1) 0.8387 x 2 = 1.6775 - 0.8411 = 0.8364
Support second (S2) 0.8387 -( 0.8411 - 0.8347 = 0.0064 ) = 0.8323
Third Support (S3) 0.8347 -( 0.8411 - 0.8387 = 0.0024 x 2 = 0.0047 )= 0.8300