Kiwi Extends Gains, Technical Levels Eyed

NZD underwent some very limited turbulence as the RBA delivered their latest monetary policy decision, but has generally held onto its previous gains, inspired by the aforementioned hawkish repricing of RBNZ expectations.

• NZD/USD last seen +64 pips at $0.7090 after the rate topped out at $0.7094. The nearby $0.7095 provides the key bullish target, as consolidation above that level would complete the formation of a short-term double bottom pattern. Above there, focus would turn to Jun 15 high of $0.7161.
• AUD/NZD trades -43 pips at NZ$1.0675, following the RBA's policy announcement. The rate dipped to a fresh one-month low of NZ$1.0664 in its immediate reaction to the statement from Gov Lowe & Co. Bears keep an eye on the 76.4% retracement of the May 27 - Jun 18 rally at NZ$1.0651, followed by May 27 low of NZ$1.0601.
• NZD/JPY has crossed above Jun 25 high/50-DMA at Y78.48/78.51 in a positive sign for bulls, who now target the round figure of Y79.00. Bears look for a pullback under Jun 30 low of Y77.07. The rate last trades at Y78.56, 61 pips higher on the day.