Aussie-Kiwi: Watching the carry trade unwind or reload?

Interesting to see $AUDNZD sitting at 1.21744. Everyone’s talking about central bank divergence, but the recent uptick in Aussie retail sales, even if marginal, and the RBNZ’s more hawkish undertones for longer than expected, makes you wonder if the easy carry trade unwind is already baked in, or if there's another leg down if the Fed truly surprises dovish. My watchlist is really scrutinizing those rate differentials, especially how they might squeeze into year-end. Not convinced it’s a slam dunk long or short here; too many moving parts. Just watching for now.