JP Morgan flags a scope for further AUD/NZD gains on a daily close above 1.2134.

"Q1 GDP for Australia came in lower than expectations at 0.3%, which saw AUD underperform on crosses, although interesting not against the bird, with AUDNZD bouncing 40 points off the lows," JPM notes.

"If AUD/NZD can close above the 50D ~1.2134, this would suggest further gains towards the recent highs just below 1.2300," JPM adds.