Further consolidation before lows are established “We retain a medium-term positive outlook for both the Australian and New Zealand Dollars. But we anticipate further downside is possible in both AUD/USD and NZD/USD before eventual basing and rebounds develop.” “The greater degree of tightening still to be delivered by RBA relative to RBNZ is something we see supporting AUD vs NZD, and we target a move to 1.1200.” “Both also continue to have risks from overall slower global growth. A confirmed recovery in China and eventual turn lower in the USD does provide some counter to that risk. Though we see that more of a 2Q-3Q story than during the current period.”