The big market positions built up over the last several months have been JPY shorts, GBP longs and NZD longs. We saw 2 of these taking a hit overnight and today might be the NZD turn?
NZD/JPY is currently testing it’s 200-dma near 81.40 and we will likely see more trailing stops below there.
AUD/NZD needs to cleanly break above 1.0950 before the NZD bears get scared.