Forex Pivot Points and Technical Analysis 1/6/2015

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 1.1940$ with targets at 1.1885$ next 1.1830$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.1940$ with targets at 1.1995$ next 1.2050$ in extension.

EURUSD - Daily Chart Support and Resistance levels

Resistance: 1.2000, 1.2165,1.2250, 1.2300, 1.2350, 1.2400

Support: 1.1885, 1.1825, 1.1775

GBPUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.5260$ with targets at 1.5200$ next 1.5140$ in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.5260$ with targets at 1.5315$ next 1.5375$ in extension.

GBPUSD - Daily Chart Support and Resistance levels

Resistance: 1.5485, 1.5540, 1.5620, 1.5680, 1.5785, 1.5825, 1.5875

Support: 1.5200, 1.5180, 1.5075, 1.5000

USDCHF - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 1.0040 with targets at 1.0135 next 1.0205 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.0040 with targets at 0.9970 next 0.9875 in extension.

USDCHF - Daily Chart Support and Resistance levels

Resistance: 1.0100, 1.0135

Support: 1.0000, 0.9885, 0.9740, 0.9650, 0.9595, 0.9550

USDJPY - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 119.75 with targets at 118.90 next 118.35 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 119.75 with targets at 120.30 next 121.15 in extension.

USDJPY - Daily Chart Support and Resistance levels

Resistance: 120.75, 121.70, 122.00, 122.35

Support: 118.60, 117.80, 117.20, 115.50

USDCAD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 1.1770 with targets at 1.1730 next 1.1700 in extension.

Alternatively, Bullish scenario: Long positions above the daily pivot point 1.1770 with targets at 1.1800 next 1.1840 in extension.

USDCAD - Daily Chart Support and Resistance levels

Resistance: 1.1820, 1.1910, 1.2000, 1.2080

Support: 1.1670, 1.1560, 1.1500, 1.1370, 1.1310, 1.1290

AUDUSD - Day Trading Strategies

Bearish scenario: Short positions below the daily pivot point 0.8080 with targets at 0.8050 next 0.8005 in extension.

Alternatively Bullish scenario: Long positions above the daily pivot point 0.8080 with targets at 0.8125 next 0.8155 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: 0.8030, 0.7970, 0.7880, 0.7830, 0.7780  

NZDUSD - Day Trading Strategies

Bullish scenario: Long positions above the daily pivot point 0.7680 with targets at 0.7740 next 0.7780 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7680 with targets at 0.7640 next 0.7575 in extension.

NZDUSD - Daily Chart Support and Resistance levels

Resistance: 0.7795, 0.7870, 0.7925, 0.7950, 0.7980

Support: 0.7605, 0.7575, 0.7480