Sellers piling in as stocks retreat/China concerns
The global stock markets are taking a beating. China PMI data was weaker and that has helped to pressure the AUDUSD.
Technically, the price action has seen the pair slip early below the 100 hour MA (blue line in the chart above) and soon after, the 200 hour MA (green line). The price has also extended below the 50% of the move up from the Dec 17 low. That level comes in at 0.72117 level. This is now close resistance/risk for shorts.
The pair has stalled - at least for the time being - against the 100 day MA. That level comes in at 0.71733. The low just reached 0.7177. A move below the 100 day MA should further keep the pressure on the pairs price.
S&Ps futures are down 1.82%. The Nasdaq is down 2.37%. The German Dax is down a whooping 4% and the Shanghai index fell 6.86%. The combination is not a endorsement for 2016 global growth.
