FX.co ★ Technical analysis of NZD/USD for February 21, 2014

Trading recommendations:

• The NZD/USD pair is in the short term.
• It should be noted that the market will turn to bearish sentiment from the level of 0.8335. Additionally, the resistance will be set at the level of 0.8350. Also, we expect a new range of 66 pips today. Therefore, it will be a good sign to sell at the 0.8335 price with the first target of 0.8275. Furthermore, it will continue in downtrend in order to keep its bearish movement towards 0.8242 (it should also note that the level of 0.8242 is going to form double bottom).
• Notwithstanding, the stop loss should never exceed your maximum exposure amounts. Accordingly, the stop loss should be placed above 0.8350 at the price of 0.8373.

Intraday technical levels:

• R3: 0.8376
• R2: 0.8339
• R1: 0.8315
• PP: 0.8278
• S1: 0.8254
• S2: 0.8217
• S3: 0.8193

Notes:

• Range: 66 pips.
• Risk of 66 pips must make a profit of 99 pips.