NAB Research discusses AUD/NZD outlook and adopts a neutral bias around current levels but looks to engage on fading moves outside of 1.05-1.10 range.
"We don’t have any strong views on AUD/NZD at present. At around 1.08, the cross is trading close to our short, medium and long term fair value estimates.
Anything outside a range of about 1.05-1.10 presents a trading opportunity and there have been a couple of those this year. But our forecasts through the year remain anchored within that rang," NAB argues.