NZD/USD Technical Analysis: Kiwi losing steam below 0.7050, starting to break down from wedge formation

• NZD/USD broke below the ascending trendline of the rising wedge. Kiwi is currently supported at the 100-period simple moving average on the hourly time-frame.  
• A failure by the bulls to break above the 0.7050 resistance might see more sideways to down price action in the near-future.

NZD/USD 1-hour chart  

Spot rate:                      0.7033
Relative change:            0.12%      
High:                             0.7057
Low:                              0.7033

Trend:                           Bearish below 0.7050

Support 1:                    0.7020 demand level                
Support 2:                    0.7000 figure                                  
Support 3:                    0.6960 last Friday’s low      

                         
Resistance 1:               0.7050 figure
Resistance 2:               0.7100 April 27 high
Resistance 3:               0.7153 March 21 low