The New Zealand Dollar depreciated about 30 basis points against the US Dollar on Monday. The currency pair bounced off the weekly pivot point at 0.6380 during the morning hours of Tuesday’s trading session.

The exchange rate is currently trading near the upper boundary of a descending channel pattern at 0.6403.

If the NZD/USD pair breaks the descending channel pattern, a surge towards the 0.6440 area could be expected today.

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However, if the channel pattern holds, the currency exchange rate might decline briefly within this session.

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