Goldman Sachs expects a 25bps hike from the RBNZ in May and see AUD/NZD on a higher trajectory into year-end.

"While it is a close call, we now expect the RBNZ to hike the Official Cash Rate (OCR) by 25bp at its May meeting (previously on hold) before leaving rates on hold for the remainder of this year at 5.5%," GS notes. 

"We continue to think that policy convergence should eventually benefit AUD/NZD, as we expect an additional hike from the RBA in July, while pricing for the upcoming RBNZ meeting seems less likely to be realized," GS adds.