Goldman Sachs flags a seasonal pattern for AUD/NZD to trend lower in November.

"There are idiosyncratic reasons for peripheral USDs to come under pressure. The NZ elections trimmed the left tail on NZD (incumbents will continue to form the base of a coalition, no dual mandate)," GS notes.

"But the seasonality for AUDNZD-lower in November already has a headstart with the cross -1.6% on the month, and that’s with reverberations of the end-Oct mis-step by the RBNZ (held vs. +24bps priced-in) and weaker NZ employment data last week," GS adds.

Goldman Sachs targets AUD/USD at 0.7200, NZD/USD at 0.6000, and AUD/NZD at 1.2000 by year-end.