Bank of America Global Research highlights a bearish seasonal pattern for AUD/NZD during the month of November.

"Past experience suggests AUD/NZD weakness has historically been concentrated in November, shortly after peak dairy production in NZ. Fonterra's (NZ’s largest dairy cooperative) mid-November payment should be the largest to supplying farmers for October milk production. Since 2016, AUD/NZD has fallen by an average 0.64% in the month preceding the November payment and 0.25% in the preceding week," BofA notes.

"AUD/NZD 1- week and 1-month returns before payments have generally been lower than after payments, especially if we exclude outlier years (i.e. 2022). The more pronounced bearish seasonality before these payments likely reflects earlier conversion and hedging of dairy export receipts, alongside the information on production, dairy prices and farm income that accumulates through October and early November," BofA adds.