NZD/USD Technical Analysis: Bears push through key intraday support

• The NZD/USD fell below 0.7028 in Asia, signaling a double top bearish reversal, the hourly chart shows.
• The breakdown has opened the doors to 0.70 (target as per the measured height method).
• The pair may drop further if China boosts trade war fears by reporting a bigger trade surplus with the US.

Hourly chart

Spot Rate: 0.7026

Daily High: 0.7029

Daily Low: 0.7019

Trend: Bearish

Resistance

R1: 0.7028 (double top neckline)

R2: 0.7060 (recent high)

0.7082 (50-day moving average)

Support

S1: 0.70 (psychological support)

S2: 0.6949 (May 9 low)

S3: 0.6882 (May 30 low)