The Australian dollar has fallen back below parity for the third time in as many days but kept in a downwards directions.
The local currency dropped over a full US cents to a fresh five-month low to below 99 US cents for the first time since December 20, amid renewed worries about debt-stricken Greece.
Traders are concerned that Greece could leave the euro zone and the country is expected to hold new elections, possibly on June 17.
Political leaders failed to form a coalition government after a poll 10 days ago failed to deliver a clear winner.
The Australian dollar at 1700 AEST was trading at 98.93 US cents after it finished the local session at 100.02 cents on Tuesday.
It fell below parity with the US dollar on Monday and briefly on Tuesday. Easy Forex currency trader Tony Darvall said the Australian dollar would grind lower until there was some certainty about Greece.
"Many traders are taking money off the table waiting to see what Greece leaving the euro zone means," he said.
"As soon as they've worked out the impact then the uncertainty is gone.
"Even if we know it's bad we can at least put a price tag on it, when we don't know how bad it is then the default position is to sell."
Mr Darvall said the Australian dollar should not go much lower than 98.60 US cents in the next day or so because that's when currency traders would start to buy the Australian dollar again.
"We haven't really had this sort of selling in the Aussie for a long time - not in the last five years," he said.
"Eventually, given that there is no structural US problem, stocks markets (and the Australian dollar) will have a big day."
Mr Darvall said he expected the Australian dollar be between 97 US cents and 98 US cents by the end of May.
He said news about the Greek situation would continue to be the main driver for currency markets.
The Reserve Bank of Australia's trade weighted index fell to 74.3 on Wednesday, from 74.5 on Wednesday.
