One of the big US banks has just sent out a short-term sell recommendation to their customers on EUR/AUD (which they prefer to play through the option market).
Their reasoning is based on the resurgence of the carry trade, the lack of AUD longs in the market, and the risks still associated with the Italian political situation.
I must say I think GBP/AUD or AUD/JPY are better ways to express the majority of their views but I guess that’s what makes a market!