NZD/USD Technical Analysis: Once again fails near 50-DMA/descending trend-channel confluence hurdle

   •  The pair continued with its struggle to make it through an important confluence resistance, comprising of 50-day SMA and a short-term descending trend-channel.

   •  Technical indicators on the daily chart have struggled to move into positive territory and indicate that the near-term up-move might have already started losing steam.

   •  However, a convincing break through the mentioned barrier will negate the bearish set-up and prompt some aggressive short-covering move in the near-term.

   •  Alternatively, weakness back below the key 0.6500 psychological mark will reinforce the negative outlook and turn the pair vulnerable to resume with its well-established bearish trend.
 

NZD/USD daily chart