Seems to be correct according to the chart below...Doesn't look overvalued to me either ...You could say it was overvalued in 2012 with the big gap between TOT and RTWI (see chart)...The only crossovers occurred during recessions....we are in a boom so the gap seems rather narrow historically-wise...maybe I could argue the NZ$ was slightly undervalued in June 2014.
Ref: Reserve Bank Bulletin June 2014 ...link is found on this page
http://i458.photobucket.com/albums/q...NZJuly2014.png