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NZD/USD finds strong support at 0.7070, break targets 0.7020

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
144 0 2
NZD/USD             halts 2 days of uptrend, slips from session highs of 0.7124, intraday bias lower.

Data released earlier showed that NZ’s June Business Confidence jumped to 20.2 from 11.3 in May, the highest since December.

The pair finds strong support at 0.7070 (rising trendline and 5-DMA), break below could accentuate downside.

Next support below 0.7070 is seen at 0.7059 (20-DMA) and then 0.7040 (June 29th low).

On the flipside, resistance is seen at 0.71, 0.7136 (June 29th high) and then 0.7148 (June 9th high).

Trade idea: Go short on breaks below, SL: 0.71, TP: 0.7055/ 0.7020

Further weakness could see test of 0.6980
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