Lowest since Feb 2016

The Australian dollar has started 2019 in much the way it finished 2018 -- in free fall.

Heavy stops were tripped in the past few minutes on a break of 0.7000, sending the pair to 0.6982 and the worst levels since February 2016.

The short term chart shows the quick plunge. The same move has hit across the board with the US dollar surging.

The daily chart isn't a pretty picture for AUD/USD. There's little support until the 2016 low near 0.6800.

Worries about China and the global economy are the story. The stock market is in a poor mood with S&P 500 futures down 38 points.

ForexLive