• AUD/NZD 1 day: Heading towards the 1.0282 low.
  
  
• AUD/NZD 1-3 month: There's much chatter about reaching parity. That's possible, but our core view is the cross will oscillate widely around 1.05 for much of this year, and then rise into 2016.  While there is arguably too much easing priced into the AUD, markets easily overshoot. That, combined with less appetite to short the NZD since the RBNZ's on-hold reaffirmation, makes trying to pick the exact cycle bottom a risky affair.