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.
