The AUD/USD was good value at .63 or even .65. It is not good value at .75. Not much has changed in the last few months and if risk aversion returns, the AUD will underperform most other currencies. I know that the real money funds are chasing it higher but we warned about this months ago, they are forced into chasing it when it moves a certain amount. Add in to the mix the huge budget deficit announced last week and one Chinese sneeze will have the AUD falling fast. I think we will see a biggish .65/.78 core range in the AUD/USD over the next 12 months and I’m looking to start building longs when we get near the base and start building shorts once we get near the top. On the day, sell rallies back towards .7525 for a move to .7350.