Kiwi remains bottom of G10 following release...>

KIWI: Kiwi remains bottom of G10 following release of the mixed NZ Labour report

overnight. Despite a fall in the unemployment rate to 4.2%, wage data proved a

disappointment, pressuring NZDUSD to $0.6629. Rate later staged a minor recovery

to consolidate either side of $0.6650 in early Europe.

- The 50-dma has crossed under the 100-dma giving fresh bearish signals and

could keep topside gains limited. Support remains at $0.6629/20 from the Asia

low & 61.8% retracement level of $0.6580-0.6685.

- NZDJPY dipped back under Y74.00 to print lows of Y73.87. Next support from the

Apr 25 low at Y73.62.

- AUDNZD spiked back above NZ$1.06 with bulls targeting a move toward

NZ$1.0642/69 which represents the 50% retracement of NZ$1.0732-1.0551 & 200-dma.

- EURNZD touched highs of NZ$1.6912, while NZDCAD briefly dipped back under the

200-dma (C$0.8892) to C$0.8884. The Ytd Apr 24 low at C$0.8877 remains key

support.