NZD/USD Technical Analysis: Fails to find acceptance above 50-DMA, faces rejection near a descending trend-channel resistance

   •  The pair stalled its recent recovery from near 32-month lows touched early this month and is now retracing from a resistance marked by 4-1/2-month-old descending trend-channel. 

   •  Adding to this, the pair has also failed to find acceptance above 50-day SMA, suggesting that the near-term recovery move might have already run out of steam.

   •  Technical indicators on the daily chart are still far from moving into positive territory and add credence to the near-term bearish set-up, paving the way for an additional near-term downfall. 

   •  A convincing break below the key 0.6500 psychological mark will reinforce the negative outlook and turn the pair vulnerable to resume its prior/well-established depreciating move.
 

NZD/USD daily chart