From a fundamental perspective, the two countries central banks are in a different strategic position at the moment. While both countries struggle with deflation, the RBA has already cut rates, and the market has already priced in a future cut. The RBNZ has not cut, and the market is anticipating a cut will happen this year to weaken the currency in a world where other currencies are already made weaker. Poor export numbers on lower dairy prices are also influencing this perception.
A close above the 5.12 high @ 1.0882 can be the beginning of a big rally with the next in the 1.1250 area.