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The RBNZ unexpectedly cut the OCR by 50bps.....>

KIWI: The RBNZ unexpectedly cut the OCR by 50bps to 1.00% overnight, triggering
sharp NZD losses across the board. In the dovish statement the Bank lowered its
GDP growth forecasts and noted it "does not rule out" any further cuts this
- NZDUSD down 12 of the last 13 sessions slammed through $0.64 to $0.6378, its
lowest levels since Jan 2016. Next support is seen at $0.6372 which represnts
the long-term 50% retracement level of the Dec 2000 low - Sep 2011 high, below
here opens the Jan 20 2016 low at $0.6348. Technically NZDUSD remains heavily
oversold with an RSI reading of 22.
- NZDJPY touched Y67.57, its lowest level since 2012. The cross comfortably
remains below broken long-term trendline support off the Nov 2011 low.
- EURNZD spiked to fresh ytd highs of NZ$1.7575, opening the Oct 26 2018 high at
NZ$1.7588. The cross looks set to register its 10th straight session of gains.

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