Forex Pivot Points and Technical Analysis 12/05/2014

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

Bullish scenario: Long positions above the daily pivot point 1.2375$ with targets at 1.2470$ next 1.2550$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.2375$ with targets at 1.2290$ next 1.2195$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance:  1.2455, 1.535, 1.2605, 1.2615, 1.2770, 1.2840, 1.2890

Support:  1.2275, 1.2240, 1.2160

GBPUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.5675$ with targets at 1.5730$ next 1.5780$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.5675$ with targets at 1.5620$ next 1.5565$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.5825, 1.5875, 1.5950, 1.6025, 1.6185

Support: 1.5570, 1.5430, 1.5270

USDCHF - Day Trading Strategies

Bearish Scenario: Short positions below the daily pivot point 0.9715 with targets at 0.9640 next 0.9570 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 0.9715 with targets at 0.9785 next 0.9865 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 0.9795, 0.9840, 0.9890, 0.9970

Support: 0.9645, 0.9525, 0.9470, 0.9360

USDJPY - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 119.80 with targets at 119.35 next 118.85 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 119.80 with targets at 120.25  next 120.70 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 120.25, 120.50, 121.00

Support: 118.60, 117.25, 116.80, 115.45, 113.80

USDCAD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.1375 with targets at 1.1435 next 1.1480 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.1375 with targets at 1.1330 next 1.1270 in extension.

USDCAD - Daily Chart Support and Resistance levels

Resistance: 1.1470, 1.1500, 1.1545

Support: 1.1310, 1.1290, 1.1180, 1.1120, 1.1070

AUDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.8390 with targets at 0.8425 next 0.8465 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.8390 with targets at 0.8350 next 0.8315 in extension.

AUDUSD - Daily Chart Support and Resistance levels

Resistance: 0.8545, 0.8640, 0.8680, 0.8723, 0.8880

Support: 0.8350, 0.8315, 0.8270

NZDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.7775 with targets at 0.7825 next 0.7870 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7775 with targets at 0.7730 next 0.7685 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance: 0.7925, 0.7950, 0.7980, 0.8035, 0.8070

Support: 0.7700, 0.7650, 0.7620, 0.7575

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