Forex Pivot Points and Technical Analysis 12/23/2014

Daily technical analysis for major currency pairs, main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

Forex Pivot Points:

Pivot points are very useful tools for FX professional traders that use the previous bars' highs, lows and closings to project potential support and resistance levels for future bars.

EURUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.2235$ with targets at 1.2200$ next 1.2180$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.2235$ with targets at 1.2260$ next 1.2295$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance:  1.2300, 1.2350, 1.2400, 1.2500, 1.2570, 1.2605

Support: 1.2215, 1.2160, 1.2040

GBPUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.5605$ with targets at 1.5545$ next 1.5510$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.5605$ with targets at 1.5640$ next 1.5695$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.5785, 1.5825, 1.5875, 1.5950, 1.6025

Support: 1.5540, 1.5430, 1.5270

USDCHF - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.9830 with targets at 0.9860 next 0.9880 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.9830 with targets at 0.9815 next 0.9785 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 0.9850, 0.9890, 0.9970

Support: 0.9740, 0.9650, 0.9595, 0.9550, 0.9525, 0.9470

USDJPY - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 119.90 with targets at 120.45 next 120.75 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 119.90 with targets at 119.60 next 119.00 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 120.20, 121.70, 122.00, 122.35

Support: 118.60, 117.20, 115.50, 113.85

USDCAD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.1620 with targets at 1.1665 next 1.1690 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.1620 with targets at 1.1600 next 1.1555 in extension.

USDCAD - Daily Chart Support and Resistance levels

Resistance: 1.1680, 1.1725, 1.1180

Support: 1.1500, 1.1370, 1.1310, 1.1290, 1.1180, 1.1120

AUDUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 0.8155 with targets at 0.8070 next 0.8025 in extension.

Alternatively Bullish scenario: Long positions above the daily pivot point 0.8155 with targets at 0.8200 next 0.8280 in extension.

AUDUSD - Daily Chart Support and Resistance levels

Resistance: 0.8215, 0.8275, 0.8375, 0.8415, 0.8545, 0.8560, 0.8640

Support: 0.8080, 0.8065, 0.7970 

NZDUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 0.7735 with targets at 0.7700 next 0.7680 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 0.7735 with targets at 0.7755 next 0.7790 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance: 0.7795, 0.7870, 0.7925, 0.7950, 0.7980

Support: 0.7675, 0.7605, 0.7575