JP Morgan is looking for a lower AUD/NZD, comments from the bank in summary:
- short term market is very long the cross
- positive local news from Australia with regards to virus numbers in Victoria coming down and as USDCNH continues to find sellers on rallies
- NZD should be much lower in a year as the RBNZ likely go to negative rates, it's not clear what the catalyst will be in the near term to inspire fresh selling
- suggest selling a rally in AUDNZD towards trend line resistance at 1.09
JPM add they remain US dollar bears.