NZD/USD Technical Analysis: Remains capped below 50-DMA/descending channel confluence hurdle

   •  After yesterday's two-way move, the pair regained positive traction and built on Friday's recovery move from over two-week lows. The pair climbed to a multi-day high, though seemed struggling to extend the momentum and remained capped below 50-day SMA.

   •  The mentioned region coincides with a descending trend-channel resistance, extending since early June and might continue to cap gains. Neutral technical indicators on the daily chart further add to investors' indecision over the pair's near-term directional move. 

   •  Hence, it would be prudent to wait for a sustained break through the said confluence resistance before positioning for any near-term up-move. Alternatively, weakness back below the key 0.65 psychological mark might negate prospects for a bullish breakout and prompt some fresh selling.
 

NZD/USD daily chart