Soft NZD jobs data set the tone overnight......>

KIWI: Soft NZD jobs data set the tone overnight with a sharp reversal through

$0.68 & the 200-dma ($0.6759) to $0.6744. Markets have now shifted the OCR

pricing from a 50% chance to a 70% chance of a rate cut in 2019. A close below

the 200-dma today would re-ignite the bearish trend, targeting a downside break

of the 100-dma at $0.6724 & 50% retracement level of $0.6425-0.6970 at $0.6697.

NZDJPY extended through the 100 & 200-dma to Y74.12 with near-term support at

Y73.96 from the Jan 25 low, a break opens the Jan 25 low & 38.2% fibo of

Y69.14-75.92 at Y73.33. AUDNZD based ahead of NZ$1.04 yesterday with the

subsequent reversal spiking through NZ$1.05 on the poor NZ jobs release. This

brings the 50% retracement of NZ$1.0670-1.0400 & 21-dma into view at

NZ$1.0535/37.