Technical analysis of NZD/USD for February 18, 2014

Forecast for the short term:

According to the previous events, the NZD/USD pair has still been trapped between 0.8355 and 0.828.
A strong level (resistance) will be formed at the level of 0.8390, providing a clear signal for sell deals with the target seen at 0.8256 in order to test the double bottom. Stop-loss is to be placed above 0.8425. A strong level (support) will be formed at the level of 0.8240, providing a clear signal for buy deals with the target seen at the 0.8366 level. Stop-loss is to be placed below 0.8205.

Observations:

The weekly resistance will set at the price of 0.8415. Also, the double top will set at 0.8384. The weekly support will set at the price of 0.8210. Also, the double bottom will set at 0.8256. The previous range was 128 pips. Therefore, we expect a range about 135 pips this week. Additionaly, it should be noted that a risk of 90pips must make a profit of 135 pips. Volatility: 106.50.