The frantic short-covering rally in EUR/AUD today was truly epic in proportion. The euro is up 4% on the day against the former high-flyer.
The resounding bottom put in in recent sessions after one of the strongest trends (basically in place for two years) has been eye opening.
Global growth fears have killed the Aussie today as hedge funds exit reflation trades.
AUD/USD is trying to steadyafter falling as low as 0.8360 earlier this afternoon. 0.8520/30 is resistance on rebounds near-term. Markets remain wildly whippy…
We trade now at 0.8465.
