• 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)
  
  

Resistance Levels:

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)