Far from the euro zone, there's a trading opportunity down under.

As if a budget pact and Greek debt negotiations weren't enough, there is growing talk of the problems in Portugal.

Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank, doesn't think Portugal is an immediate concern, but she's keeping an eye out. "There isn't a need for them to go to the market right away," she told CNBC's Melissa Lee, but "as we approach mid-year, this discussion will be heating up, of whether they need another bailout package."

For now, while Bourdeau does plan to sell the euro if it hits 1.34 after a debt deal is reached, she generally intends to steer clear of Europe. The uncertainty surrounding the Greek negotiations and the prospect of Federal Reserve Chairman Ben Bernanke's testimony on the economy on Thursday are too problematic, she says. Instead, she prefers a relative value trade down under, selling the Australian dollar against the New Zealand dollar.

Bourdeau expects Australia's central bank to cut interest rates new week, and "there has been renewed interest over the weekend of sovereign wealth funds buying kiwi assets," she says.

Bourdeau wants to enter the trade   at 1.2930 with a stop at 1.3115 and a target or 1.2650.

You can watch the discussion on the video.

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