RBNZ cut Official Cash Rate to 3.00% from 3.25%, in line with most analysts' expectations. The rate statement expresses the easing bias a bit more clearly than the previous one but the comment that NZD exchange rate "remains overvalued" was removed and replaced with softer language. The pair rallied on the announcement, which confirms that the market has hoped for a 0.50% cut or at least more dovish statement.

The pair found resistance in 0.6680 - 0.6700 band (trendline drawn off May 14th and June 10th highs, Daily Resistance 2, Weekly Resistance 1, 00's). If that gives way, 0.6750 - 0.6775 (July 10th high, Previous Week High, 50's) is the next. Initial support is seen near 0.6650. Given that RBNZ are note yet done cutting, the upside may be limited.

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