Correlation & recent divergence of Australia & Hong Kong

Interesting divergence in the past few months in what are normally two highly correlated indexes (Hong Kong's HSI and the Australian index). Hong Kong is the red line, whereas Australia is the blue line. Note the stark divergence where HK is heading south, while Australia has yet to head downward.

Note that the lines represented here are the 100-day exponential moving averages of the index to smooth things out.