Kiwi’s retreat from post RBNZ rate cut high of 0.7339 to 0.7253 levels after having rallied for three straight sessions and amid falling NZ-US 2-yr yield spread indicates a short-term top could be in place at 0.7339 and the next move could be congestion in the range of 0.72-0.73 followed by a retreat.
Note, the NZ-US 2-yr yield spread and 10-yr yield spread has been narrowing since last two weeks or so, which suggests lack of substance in the NZD/USD rally.