NZD/USD Technical Analysis: breaks below a bearish double-top neckline support

   •  Repeated rejection near 20-day SMA constituted towards the formation of a bearish double-top chart pattern on the hourly chart.

   •  US-China trade tensions exert some fresh selling and drag the pair below 0.6800 handle, confirming a break below the neckline support of the bearish formation. 

   •  Short-term technical indicators hold in negative territory and further reinforce prospects for an extension of the ongoing downfall. 

NZD/USD 1-hourly chart

Spot Rate: 0.6799
Daily High: 0.6835
Trend: Bearish

Resistance
R1: 0.6835 (current day swing high)
R2: 0.6859 (1-1/2 week tops set on Monday)
R3: 0.6886 (R2 daily pivot-point)

Support
S1: 0.6782 (S2 daily pivot-point)
S2: 0.6750 (horizontal zone)
S3: 0.6714 (recent multi-month daily closing low)