Intraday Analysis - Tuesday, Sept. 1

NZDUSD finds support

The New Zealand dollar (NZDUSD) shares the same rhetoric as the Aussie, with a jump lower to begin its consolidation phase.

• A break above the key area of 0.5940 would suggest a strong bullish drive, and potentially open the door to a sustained recovery.

• As the dust settles, the price is consolidating, with the former level of 0.5880 as the closest support.

• The RSI’s oversold condition could attract some buying interest.

• The price will need to avoid dipping below 0.5800 to prevent a deep correction.

AUDUSD sticks to consolidation

The Australian dollar found its footing after falling in last Friday’s market move.

• The ripple effects are still being felt after the Fed adopted a hawkish tone.

• The current peak at 0.7200 signals tempered enthusiasm after the recent rally.

• 0.7140 is the first support to see if traders accumulate to push prices lower.

• A close below the said level would extend the bearish sentiment and pull the pair towards 0.7080.

USDCAD grinding lower

The greenback continued to struggle as the Fed’s recent meeting keeps traders on the edge of their seats.

• Sentiment remains cautious after the pair fell lower.

• The immediate resistance at 1.3900 is critical.

• With a bearish divergence still in play, traders will be looking at the 1.3750 zone as the next target.

• Any sign of a turnaround first needs a 1.3900 break before moving back to the recent peak above 1.3970.