Commodities lower as well
Oil prices have skidded below the $31 per barrel level. Other commodity prices also lower. The CRB commodity index is down about 2.81% on the day. Stocks are also trading lower. So there is some pressure on the NZDUSD and the AUDUSD as well.
Technically, the NZDUSD tested and held against the 100 day MA at the 0.6577 level and currently trades near the NY session lows at 0.6537.
The AUSDUSD sniffed the 100 hour MA currently at the 0.70386 level. The pair traded as high as 0.7035. It currently trades at 0.6976.
Looking at the daily chart for the AUDUSD, the pair traded below the end of September lows at the 0.6936 early in the session but recovered (the low reached 0.6926). The low from 2015 was 0.6896.
The S&P is trading down about 17 points or 0.91%. The Nasdaq is down 1.32% or 61 points. The Dow is down 94 points or 0.58%. There is no upside momentum on rallies. IN China the Shanghai index fell 5.33% despite efforts by the PBOC to support the Yuan. The USDCHH (offshore Yuan) fell sharply (see chart below) and retraced nearly all of it's gains (CNH weakness) from last week. The stock traders seemed not to care as the Shanghai index is now down 14.76% in the new year.
