JP Morgan Research discuses its AUD and NZD outlook and targets.

"AUD: Keep bullish bias as carry remains supportive, though the RBA’s front-footed hiking cycle has weakened growth & housing such that market pricing for two further hikes looks overdone. Background supports (super fund FX hedging & unhedged capital inflows) should underpin a higher AUD floor than in recent years. AUD/USD 2Q 0.73, 4Q 0.69," JPM notes.

"NZD: Stay neutral amid cross-currents as ongoing cyclical recovery sets the stage for a fulsome RBNZ hiking cycle beginning in 3Q, but current carry deficit is weighing on performance while energy-importer status remains a clear downside growth risk. NZD/USD 2Q 0.62, 4Q 0.61," JPM adds.