AUD again trying to move higher as NZD surges again

We’ve had a lot of chatter in the last few weeks about China buying NZD and there definitely looks to be some fire behind the smoke with the Kiwi making some irrational moves. I can think of no reason why the market should suddenly fall in love with the NZD at these lofty levels, but that’s what’s happening. Thankfully I gave up trading it many years ago, it cost me more than enough money. After the EUR, the NZD seems to be in-demand currency #2.

NZD/USD is trading close to .8500 this morning and AUD/NZD looks like its triggered more stops below 1.2300.

The AUD is getting a bit of a tailwind from it’s smaller neighbour and has traded back up above 1.0430 but the focus is definitely on the Kiwi.