After writing below that I felt the AUD may underperform in the event of a rally in the majors against the USD, I went looking for some corroboration. HSBC have issued a piece detailing a recent European trip around some of the major FX players. Their conclusion was that the market is solidly long AUD across the board; against the USD, CAD, GBP and EUR. This ties in with my feeling that, whilst the AUD/USD may not fall signficantly, it may well struggle to make serious gains.