G'day dpaterso, there are quite a few 'correlated' pairs. AUD and NZD move in a very similar way for two reasons: wer'e both CommDolls (heavily influenced by commodity markets), and we both have high interest rates (good for carry trading). Swissy and Yen are related due to their low interest rates. They're often more volatile due to the role they play in different trading strategies, and will move in similar patterns across all the different majors. GBP and EUR are quite similalry behaved for the obvious ties in economies.
Basically, if you place one lot in each of two correlated pairs, it's very similar to placing two lots in one. It is a little bit different in the way that your trade will behave during news releases. You should take that into consideration according to your money management plan.
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