The New Zealand Dollar and the Australian Dollar are both enjoying some good demand today. Both of them have been rallying against the USD. NZD/USD is about 100 pips up while AUD/USD is about 70-80 pips up since yesterday evening. The made a huge jump at around 4 AM GMT and after a small consolidation/retrace, they have been having another try at the upside in the last couple of hours.
It seems a bit strange because the Canadian Dollar isn´t following the other two commodity Dollars and the three of them usually go hand in hand. But, what´s more strange is that the Japanese Yen has rallied too. USD/JPY is about 250 pips down from yesterday which would normally send the commodity Dollars down, but that´s not happening.
All of a sudden the NZD is springing back to life
Maybe all the short trades in NZD/USD and AUD/USD have been closed since these pairs failed to make new lows this week or maybe is just market sentiment. Whatever the reason, we will keep a close eye on them because this might be a good opportunity to open a long term sell forex signal, most likely in NZD/USD. The price is getting closer to the 20 moving average on the daily chart, but we have to wait for another 50 pips before we make a decision.
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