Forex Pivot Points and Technical Analysis 12/02/2014

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 1.2465$ with targets at 1.2510$ next 1.2555$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.2465$ with targets at 1.2425$ next 1.2375$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance:  1.2535, 1.2605, 1.2770, 1.2890

Support:    1.2395, 1.2355, 1.2325, 1.2240

GBPUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.5695$ with targets at 1.5805$ next 1.5875$ in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.5695$ with targets at 1.5625$ next 1.5515$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.5825, 1.5875, 1.5950, 1.6025, 1.6185

Support: 1.5590, 1.5570, 1.5430, 1.5270

USDCHF - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 0.9650 with targets at 0.9610 next 0.9575 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 0.9650 with targets at 0.9685 next 0.9725 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 0.9720, 0.9750, 0.9790, 0.9840

Support:  0.9595, 0.9525, 0.9360, 0.9300

USDJPY - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 118.45 with targets at 117.75 next  117.15  in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 118.45 with targets at 119.05 next 119.70 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 119.25, 119.70, 120.05

Support: 117.25, 116.80, 115.45, 113.80, 112.45

USDCAD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.1365 with targets at 1.1270 next 1.1215 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.1365 with targets at 1.1415 next 1.1510 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 0.8475 with targets at 0.8535 next 0.8590 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.8475 with targets at 0.8420 next 0.8360 in extension.

AUDUSD - Daily Chart Support and Resistance levels

Resistance: 0.8540, 0.85640, 0.8680, 0.8723, 0.8880

Support: 0.8415, 0.8315, 0.8270

NZDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.7850 with targets at 0.7925 next 0.7985 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7850 with targets at 0.7790 next 0.7715 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance: 0.7925, 0.7950, 0.7980, 0.8035, 0.8070

Support: 0.7765, 0.7700, 0.7650, 0.7620, 0.7575