The pair is trading up to its highest since June last year, up nearly 100 pips on the day to 0.7635 currently.

The technical momentum is solely with buyers right now after the RBA provided a good platform to break above the October highs around 0.7555 earlier today. There isn't much in the way of a push towards 0.7800 next, if you go by the charts at least.

As things stand, the market is bringing forward rate hike expectations as most houses are now calling for a June rate hike after having previously penciled the RBA to move in August.

Odds of a move during the May meeting have also risen and that is keeping the aussie underpinned currently.

I've mentioned before how the market may have been underestimating a potential shift in rhetoric by the RBA and we certainly got that today, even if it may be a subtle one. That has continued to fuel the run higher in AUD/JPY, which is in search of a tenth straight week of gains: