Daily outlook for AUD/NZD

Westpac Research notes:

AUD/NZD 1 day: The reversal which started on 2 July has the potential run much lower. We target 1.0915 (3 June minor peak) during the days ahead, the sharp fall in iron ore prices plus China's plunging stockmarket weighing.

AUD/NZD 1-3 month: The RBA will probably remain on hold (albeit with easing risk), while the RBNZ is currently in easing mode. Expected RBA vs RBNZ direction thus favours AUD/NZD over the medium term. The next major target is 1.1580.