Here is the argument for selling AUD/NZD . Until we see a global growth ( read China ) picking up, we are not going see a rate rising cycle from developed economies. As per current conditions, it is literally the race to the bottom rather. In such environment, AUD and NZD stood up. Giving healthy yield plus no big risk like other developing / emerging nations. NZD economy is small compared to AUD and it is always going to be hotter than AUD if everything else is equal. So there is no way that AUD/NZD goes soaring high quickly. In current scenario, AUD still has softening bias from RBA while RBNZ has made it clear from yesterday's statement that they are helpless in fighting so will be at the mercy of US dollar moves.
Trade is to sell AUD/NZD on bounce near 1.0550 / 1.0600 and don't sit idle. This is one of those pairs where you need to grab those 20 pips on constant bases and rinse and repeat.