ANZ FX Strategy Research favors fading NZD strength from here arguing that the good news story is already well factored in at current elevated levels, and prefers to express that vs AUD. 

“We have a mildly negative bias towards the NZD…We think that the recent normalization in the AUD/NZD cross has some scope to continue.

It has made an important technical break this month. Given the re-calibration of expectations for the two central banks and the sustainability of growth in the two economies, we think that the range for this pair has moved higher and the threats of parity are long behind us,” ANZ argues.

Source: ANZ, eFXnews™