The dust is settling after the RBNZ dovish interest rate announcement and the pair managed to make it all the way down to its lower bound of the current trend. We have clear hesitation, but also a clear failure to maintain upward midday momentum. Keep an eye out for movement when the Asian session picks up in a few hours, we may see a decisive break downward, but my money is on momentary consolidation (up to a day perhaps) followed by a sustained move to the upside that I would expect to last through next week barring significant event risk.
