The NZD is topping the major bloc as we head into European trading
I'm pretty sure most would've guessed the Japanese yen based on the equities rout that we're seeing in Asia, but it's in fact a commodity currency that leads the way.
I don't see much that could have caused the move but one of the pairs I like to watch is the AUD/NZD in recent weeks, and it looks like a technical break there has sparked further buying in the NZD.
The pair has been on the move towards the downside the past week, but after the RBA announcement today it broke below the 200-day MA and buyers just started letting go. The 50.0 retracement level @ 1.0826 also gave way, and it looks like there's further downside to come for the pair - with the 1.0717 level the next line of support.
