Forex Pivot Points and Forex Technical Analysis 16/12/2014

Dec 16 2014, 08:15 GMT   Shady Bahouth

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

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:  1.2495, 1.2535, 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: 1.5757, 1.5825, 1.5875, 1.5950, 1.6025
Support: 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:0.9615, 0.9595, 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: 121.70, 122.00, 122.35
Support: 117.23, 116.80, 115.45

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: 0.8375, 0.8415, 0.8545, 0.8560, 0.8680
Support: 0.8200, 0.8150, 0.8065

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: 0.7725, 0.7650, 0.7620, 0.7575

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.

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