RBNZ left official cash rate at 1.75%. While that was not surprising, market did expect them to send a hawkish signal, following improvement in inflation and labour market data. The bank remained neutral and the Kiwi fell more than a cent immediately after the release.

50.0% retracement of the 2015 - 2016 rally, at 0.6785, is the next target and below there the bottom of the 2016 - 2017 channel, near 0.675. On the upside, 0.69 is the first obstacle with stronger resistance found in 0.695 - 0.70 band.

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