I personally inclined to believe that the technical levels published daily by Mr. Axel Rudolph from the Dow Jones Newswires agency are most optimal.

Here is an example of the technical levels on July 7, 2006:

07 Jul 2006 06:40 GMT
European Forex Technicals: Dollar To Retrace Further
By Axel Rudolph, MSTA
A Dow Jones Newswires Column

London (Dow Jones)--Rolling 24-hour chart levels:

Forex spot:              EUR/USD       EUR/GBP      EUR/JPY       EUR/CHF

Spot 06:25 GMT      1.2775             0.6959            147.13             1.5700
3 Day Trend            Bullish            Bullish            Bullish            Bullish
Weekly Trend          Bullish            Bullish            Bullish            Bullish
200 day ma             1.2187             0.6853            141.51              1.5575
3rd Resistance         1.2914             0.6997            148.12             1.5766
2nd Resistance        1.2842             0.6988            147.80             1.5742
1st Resistance          1.2789             0.6968            147.50             1.5713
Pivot*                       1.2775             0.6957            147.15             1.5699
1st Support              1.2758             0.6942            146.96             1.5689
2nd Support             1.2730             0.6920            146.55             1.5669
3rd Support             1.2685             0.6913             146.20             1.5650

Intraday EUR/USD: The euro targets $1.2789 minor resistance, the 61.8% Fibonacci retracement of the June decline and, if breached, should advance toward $1.2842. First support comes in at $1.2758, Sunday's low. If unexpectedly breached, $1.2730 minor support would be probed.
Weekly chart EUR/USD trend: Bullish.

Intraday EUR/GBP: Is expected to reach GBP0.6968 minor resistance and, if breached, GBP0.6988 resistance. First support can be found at GBP0.6942. If it doesn't hold, GBP0.6920 support will be targeted.
Weekly chart EUR/GBP trend: Bullish.

Intraday EUR/JPY: The euro targets Y147.50 minor resistance as long as Y146.96 first support, Thursday's intraday low, holds. Above Y147.50, Y147.80 minor resistance will be targeted. Support below Y146.96 comes in at Y146.55 and at Y146.20.
Weekly chart EUR/JPY trend: Bullish.

Intraday EUR/CHF: Should retest CHF1.5713 minor resistance, Wednesday's high, and, if breached, CHF1.5742 resistance. First support comes in at CHF1.5689 and second support at CHF1.5669, Thursday morning's intraday low.
Weekly chart EUR/CHF trend: Bullish.

Forex spot:              GBP/USD       USD/JPY        USD/CHF       AUD/USD

Spot 0625 GMT       1.8374             115.20             1.2296             0.7467
3 Day Trend            Capped            Capped           Capped            Bullish
Weekly Trend          Bouncing?      Capped           Capped            Bouncing
200 day ma             1.7788             116.18             1.2788             0.7435
3rd Resistance         1.8496             116.67             1.2446             0.7510
2nd Resistance        1.8475             116.01             1.2396             0.7503
1st Resistance          1.8415             115.84             1.2364             0.7481
Pivot*                       1.8370             115.20             1.2292             0.7464
1st Support              1.8320             115.02             1.2262             0.7449
2nd Support             1.8270             114.34             1.2197             0.7439
3rd Support             1.8200             114.00             1.2135             0.7405

Intraday GBP/USD: Cable is targeting $1.8415 minor resistance. If breached, $1.8475 will be eyed. Minor support can be found at $1.8320, the June 23 high, and further support at $1.8270, the June 27 high.
Weekly chart GBP/USD trend: Bouncing?

Intraday USD/JPY: The dollar is declining again and targets Y115.02 minor support and, if breached, Y114.34 support. First resistance can be found at Y115.84, Wednesday's high.
Weekly chart USD/JPY trend: Capped.

Intraday USD/CHF: Is expected to decline toward CHF1.2262 minor support as long as CHF1.2364 resistance caps the cross. If not, CHF1.2396 second minor resistance should do so Friday. Support below CHF1.2262 comes in at CHF1.2197, Wednesday's low.
Weekly chart USD/CHF trend: Capped.

Intraday AUD/USD: Is targeting $0.7481 minor resistance and, if breached, will target the $0.7503 to $0.7510 zone, where the June 9 and 12 highs were made. First minor support comes in at $0.7449, Friday morning's intraday low, and should hold, if probed. If not, $0.7339 minor support should do so.
Weekly chart AUD/USD trend: Bouncing.

* The pivot is the sum of the high, low and close divided by three.

For more technical analysis see: Dow Jones Newswires, N/DJTA; Telerate, pages 4209,1108,4210,1105,5041,4142; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"

-By Axel Rudolph, Dow Jones Newswires; +44 207 842 9249; axel.rudolph@dowjones.com

Axel Rudolph, a member of the Society of Technical Analysts, is Dow Jones' Chief Technical Analyst for Europe.

Data provided by CQG International Ltd.

(END) Dow Jones Newswires

Students of the Masterforex-V Trading Academy have developed the “Pivot RS session” custom indicator. It was designed to build daily pivot, 3 intraday support and 3 intraday resistance levels in the Metatrader terminal, saving trader’s time. Check for the next link to read more about this and other custom indicators: http://forum.masterforex-v.su/ . 

Following figures illustrate how the “Pivot RS session” custom indicator mapping the Axel Rudolph levels upon the currency charts.

Figure 4-1

Figure 4- 2

Figure 4- 3.

Figure 4- 4.

Figure 4-5.

Advantages of Axel Rudolph’s Forex technical analysis:

1.        he simplicity and convenience for trader’s everyday work – 3 supports, 3 resistances and the pivot for every of 8 currency pairs are demonstrated graphically and built automatically to save time.

2.        Please pay attention to the header of the Column and the currencies further movement in that day – Mr. Axel Rudolph’s tip had exposed the vector of day’s market move in the very beginning.

3.         As it is illustrated in the Figure 4-4, on July 7 2006 AUD/USD, so called ‘ally’ being located beyond its pivot after all had broken up the resistances R1, R2 and R3 upon the retracement of USD rate.

4.         The possibility of profitable trading in the Forex market. As it has shown above, a trader could win using a currency movement of breaking the technical levels one by one.

Now, let’s describe the Achilles' heel of the Dow Jones Newswires technical analysis.

1.         Anyone cannot rely on the system without understanding how it works. What if tomorrow

·       Will be no Mr. Axel Rudolph’s column?

·       He will make a mistake?

2.        How a trader could calculate Mr. A. Rudolph’s pivot, supports and resistances levels for considerable time before publication?

3.         What is the source to receive this data earlier from? How the students of Masterforex-V Academy could obtain the support/resistance data appearing in half an hour later in the Dow Jones Newswires and then cited around the websites of leading Forex brokers in Russia ?

4.         Please calculate the currency pair’s pivot (or point of reversal) using the formula given by Mr. A. Rudolph: “ The pivot is the sum of the high, low and close divided by three ”. If you take last day’s HLC, you’ll come up with level, different from the one published by the Dow Jones Newswires in the next morning. So how to calculate equal pivot level?

5.         What is OTHER method to check the mentioned above levels? For instance, on July 7, 2006 the fourth level of resistance for the EUR/GBP pair was calculated before the news, and this level has become the true resistance at the American session’s high. (GBP was at 1.8540; EUR was at 1.2860).

Here is another example. On July 10, 2006 Mr. Axel Rudolph has indicated the 3^rd support for GBP as 1.8415. At the same time, the majority of advanced level Masterforex-V Trading Academy students took profit by 1.8365 – July 10, 2006 local low. How one can detect a day’s local low with the accuracy up to 1 point just in the beginning of trading session, when further day’s full range was up to 160 pips? See Figure 4-6.

Figure 4-6.

Having the profitable trading as an objective, students of the Masterforex-V Trading Academy learn to calculate levels this way, and it is just one of the many skills to learn. The instrument to calculate pivot point and the 3-4 technical resistance/support levels is necessary but far not enough to win in the business, of course.