- The New Zealand dollar spiked to a two-week high of $0.6739 after Wheeler's speech, but later eased back and remains supported just above 0.67 handle
- RBNZ Governor Wheeler believed that a lower exchange rate is needed to support its economy but added that the economy currently isn't weak enough that it requires more exuberant OCR cut expectations
- A further 25 basis point rate cut is expected in the Sept 10 monetary policy statement with another cut to 2.5 percent is expected by the end of the year
- Kiwi underpinned by Wheeler's speech, a retreating US dollar across the board also supported the upmoves
- NZD/USD is currently trading at 0.6708, with immediate resistance at 0.6738 (Jul 28 highs) and support at 0.6620 (Daily Tenkan)
R1: 0.6710 (Kijun-Sen)
R2: 0.6724 (Daily High Jul 15)
R3: 0.6748 (4h 200 MA)
Support Levels:
S1: 0.6620 (Daily Tenkan)
S1: 0.6590 (10-Day MA)
S2: 0.6566 (Daily Low Jul 27)


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