The current NZD/USD rise is a short squeeze that will probably intensify this month nL1N28C03T.
AUD/USD traders hold bigger bets on a drop and some of the factors behind the NZD/USD rise are similar to those that may lift AUD/USD in December, too nL1N28C04W.
AUD/USD is much more liquid than NZD/USD, perhaps with similar market depth to the pound, but that once crashed, so there is enough risk to worry about in the month of December when liquidity comes at a premium.
Liquidity is better than NZD's, but the number short AUD/USD is about $1 billion larger at $3.2 billion.
Those who are sitting short AUD/USD are vulnerable to the current environment, which supports riskier assets and therefore may well support commodities, which should underpin AUD.
Iron ore has risen around 10% in 15 days.
Copper has only risen around 1% in the same time but is 4.7% above October's low.
AUDUSD shorts iron ore and copper: Click here