The New Zealand Dollar surged by 38 points or 0.58% against the US Dollar during the first half of Monday’s trading session. However, after the exchange tested the resistance cluster at 0.6438, the pair began to decline.

As for the near future, the NZD/USD currency pair could continue to edge lower. Bearish traders could aim at the 0.6380 level during the following trading session.

Although, given that the currency exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout could occur within Tuesday’s trading session.

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