NZD remains bottom of the G10 pile at the......>

KIWI: NZD remains bottom of the G10 pile at the European crossover following the

RBNZ's decision to cut its OCR by 25bps to a new record low of 1.50%. The RBNZ

noted that a cut was "necessary to support the outlook for employment and

inflation" consistent with its policy objectives. The Bank also cited trade

concerns and slowing global growth. NZDUSD slipped 80 pips to react lows of

$0.6527 but continues to close the gap, last $0.6591.

- Bulls need to recover the $0.66 handle before challenging the May 7 high &

channel top at $0.6630/36. Above here opens the 50% fibo of $0.6783-0.6527 at

$0.6655, ahead of the 21-dma at $0.6673.

- AUDNZD touched react highs of NZ$1.0725, but has since retraced to NZ$1.0660

and rests on the 100-dma. Further support is located behind at NZ$1.0622/18 from

the 50% fibo of NZ$1.0518-1.0725 & Intraday low.

- NZDJPY printed Y71.85 but has nearly closed the gap with the recovery

extending to Y72.57. Near-term resistance at Y72.63 from the 50% fibo of

Y73.40-71.85.