The hourly chart in AUD/USD looks quite constructive, being short EUR/AUD seems like a sensible play given the uncertainty in Cyprus, and AUD/JPY is also showing few signs of a weakening trend. In other words, there seem to be plenty of reasons for being long the AUD and weekend reports from the interbank market suggest that the market is building longs quite quickly.
As I’m always the contrarian, I fancy trying to pick an intraday top near 1.0475 (which is where the big hedge funds were selling a few weeks back) looking for a pullback towards 1.0375.