NZD/USD Technical Analysis: Weakness below 0.6800 handle to reaffirm a near-term trend reversal

   •  The pair's back to back failed attempt to make it through the 0.6900 handle constituted towards the formation of a bearish double-top reversal chart pattern on hourly charts.

   •  A sustained weakness below 100-hour SMA was seen as a key trigger for intraday bearish traders on Thursday and prompted some aggressive selling during the Asian session.

   •  A follow-through slide below the 0.6820-10 horizontal support, also coinciding with 200-hour SMA, confirms a bearish breakdown and sets the stage for a further downfall.

   •  However, technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and seemed to be the only factor helping limit deeper losses, at least for now.

   •  Meanwhile, oscillators on 4-hourly chart/daily charts have just started gaining negative momentum and point to further depreciation towards 100-day SMA support near the 0.6735 region.

NZD/USD 1-hourly chart