“The RBA is just about finished while the Fed is about to start. Since the start of 2018, the AUD/USD fell with 10y relative yields, which have probably bottomed out. Trade tensions maintained the AUD/USD below 70 cents. But the softer CNH skew and Chinese equity reflect post G20 relief, while the AUD just emerged above its line in the sand. AUD shorts have piled up since the start of the year, raising the risk of short-covering,” says Kit Juckes, chief FX strategist at Societe Generale.