http://prntscr.com/4u3a9z
analysis for today 10 / 8 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle GBPNZD on the date 10 / 7 / 2014
OPEN 2.0508
HIGH 2.0596
LOW 2.0457
CLOSED 2.0542
The third resistance (R3) 2.0596 -( 2.0532 - 2.0457 = 0.0075 x 2 = 0.0149 )= 2.0745
The second Resistance (R2) 2.0532 + 2.0596 - 2.0457 = 2.0671
First resistance (R1) 2.0532 x 2 = 4.1063 - 2.0457 = 2.0606
pivot points 2.0596 + 2.0457 + 2.0542 = 6.1595 / 3 = 2.0532
Support for the first (S1) 2.0532 x 2 = 4.1063 - 2.0596 = 2.0467
Support second (S2) 2.0532 -( 2.0596 - 2.0457 = 0.0139 ) = 2.0393
Third Support (S3) 2.0457 -( 2.0596 - 2.0532 = 0.0064 x 2 = 0.0129 )= 2.0328