Daily outlook for AUD/NZD: Westpac

Quotes from Westpac Research:

- AUD/NZD 1 day: The 1.1480 level above is waiting to be tested again. Much will depend on CAPEX today.

- AUD/NZD 1-3 month: There's much chatter about reaching parity. That's possible, but our core view is the cross will oscillate around 1.05 for much of this year, and then decline 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.