Adds second chart

• Despite the recovery in NZD. Bias will be to fade rallies

• The RBNZ's dovish rate guidance will likely remain a headwind

• OCR projection by mid-2025 has been cut by roughly 100bps

• Thus, while the rebound in risk assets has helped the Kiwi

• NZD lower will be among preferred expressions during softer risk tones

• A close above 0.61 would be needed to negate near-term downside risks

• Resistance: 0.6080 (RBNZ level), 0.6087 (200DMA). Levels to fade rallies

• Support: 0.5970-75

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