RBNZ governor Governor Wheeler sent Kiwi tumbling by saying that "some further easing seems likely". Nothing new as that's the exact line from the last rate statement but it came at the time when many traders were looking for excuse to book their profits after 500 pip rally from the low set in September.

The decline stalled at 100 DMA, just above the broken trendline drawn off July and August highs. Should the pair continue to fall, 0.64 - 0.65 band (50 DMA, 50.0% retracement of the rally, September high) is the potential target.

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