The panic and fear surrounding the markets are directly affecting the traditional high yield currencies and thus the Aussie which continues to be under intense pressure.
The pair has broken below parity overnight with a new fresh now near 0,99. We have seen an immediate bullish reaction with market participants taking their profit.
The sell-off has been very impressing (more than 1000 pips with a few days).
We might see a corrective move going forward but we think that a major reversal structure is in place. Next key support comes in at 0,97 (2008 high and monthly 20 moving average).
Provided by atf-forex-trading.com