3 September NZDUSD Technical Analysis


Last week’s rejection slide from the 0.6720-30 supply zone constituted towards the formation of a bearish double-top chart pattern on short-term charts. What is next? Today’s 3 September NZDUSD Technical Analysis reveals.

3 September, OctaFX – A follow-through weakness below a descending trend-line support accelerated the downfall and reaffirmed the bearish formation.

NZDUSD Technical Analysis

With technical indicators on the 4-hourly chart holding in negative territory, the pair seems all set to continue with its well-established downward trajectory.

NZDUSD 4-hourly chart

Spot Rate: 0.66099

Daily High: 0.6622

Daily Low: 0.6593

Trend: Bearish

Resistance

R1: 0.6622 (current day swing high)

R2: 0.6640 (horizontal zone)

R3: 0.6653 (R1 daily pivot-point)

Support

S1: 0.6597 (S1 daily pivot-point)

S2: 0.6565 (horizontal zone)

S3: 0.6544 (YTD low set on Aug. 15)

Disclaimer

This article about 3 September NZDUSD Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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