Forex Pivot Points and Technical Analysis 12/17/2014

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 1.2435$ with targets at 1.2390$ next 1.2335$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.2435$ with targets at 1.2490$ next 1.2540$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance:  1.2570, 1.2605, 1.2770

Support: 1.2360, 1.2240, 1.2160

GBPUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.5665$ with targets at 1.5580$ next 1.5520$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.5665$ with targets at 1.5725$ next 1.5810$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.5825, 1.5875, 1.5950, 1.6025

Support: 1.5600, 1.5585, 1.1.5540, 1.5430, 1.5270

USDCHF - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 0.9660 with targets at 0.9615 next 0.9575 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 0.9660 with targets at 0.9695 next 0.9740 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 0.9720, 0.9820, 0.9840, 0.9890, 0.9970

Support: 0.9550, 0.9525, 0.9470, 0.9360

USDJPY - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 118.25 with targets at 116.95 next 116.15 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 118.25 with targets at 119.05 next 120.35 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 118.60, 119.00, 121.70, 122.00, 122.35

Support: 115.50, 113.85, 112.50, 111.00

USDCAD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.1625 with targets at 1.1705 next 1.1750 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.1625 with targets at 1.1580 next 1.1500 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 0.8225 with targets at 0.8185 next 0.8160 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 0.8225 with targets at 0.8255 next 0.8295 in extension.

AUDUSD - Daily Chart Support and Resistance levels

Resistance: 0.8275, 0.8375, 0.8415, 0.8545, 0.8560, 0.8680

Support: 0.8135, 0.8065, 0.7970 

NZDUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 0.7750 with targets at 0.7720 next 0.7695 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 0.7750 with targets at 0.7770 next 0.7795 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance: 0.7870, 0.7925, 0.7950, 0.7980

Support: 0.7720, 0.7650, 0.7620, 0.7575