After the NZD/USD currency pair tested a resistance cluster formed by the combination of the weekly and the monthly pivot points near 0.6653, the New Zealand Dollar made a U-turn south.

From a theoretical point of view, the exchange rate could aim for the lower boundary of a descending channel pattern at 0.6579 during the following trading session.

On the other hand, the currency exchange rate might reverse from the current price level at 0.6607 and breach the descending channel pattern within this session.

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