FXStreet (Guatemala) - NZD/USD is currently trading at 0.6648 at time of writing, but has made a new low when it penetrated the 0.66 handle at 0.6590. The Chinese open was the catalyst yesterday in Asia when stocks (CSI300) were 2% down then 5% down, halted on the circuit breaker and then 7% down to cease trading altogether while in the case of the Shanghai Composite, it is now 11.7% down year to date. Yesterday was the shortest trading session in China's stock market 25 year history. The Yuan was also devalued yet again and the CNY/CNH widened indicating further weakness ahead for the Yuan and more risk-off in the market. Oil was also dropping like a stone and the bird made fresh lows to 0.6613 before a minor recovery to the 50 SMA on the hourly sticks at 0.6650 today, selling off again in the chaos to challenge Dec lows of 0.6571 and scoring 0.6590. We now await the nonfarm payrolls to see if there is any further support for the greenback to send the bird on its way even lower. NZD/USD levels Technically, NZD/USD has broken the rising channel's support from 0.6440 and Nov lows and now is in serious pursuit of the 100 DMA at 0.6578. A break to the downside brings in 0.6428 and the Nov low as last defense for a full correction to Aug low of 0.6220. Only a recovery through the 200 DMA at 0.6825 would alleviate the downside pressures and 0.68 could prove to be a strong psychological resistance. For more information, read our latest forex news.