JP Morgan likes buying AUD/NZD on dips.

"In an 8-1 vote, the RBA hiked rates as expected to 4.35% this morning, but delivered a slightly dovish, 'we can wait and see' message, which saw yields 4-5 bps lower.

While there may be some more profit taking after this morning's decision, the widening in nominal rates is a reminder of why AUD is well positioned to benefit from a positive flow dynamic, as hedging, repatriation and investment flows support the currency," JPM notes.

"AUD/NZD is off the highs also and while the view is to buy dip[s in the cross, tonight's Employment data out of NZ will be important short term," JPM adds.