AUDUSD

AUD has broken new highs this year against USD. However, AUD/USD has been consolidating since its last high in February.
There are now few catalysts available for AUD to stage another leg higher, and as such I imagine that the current trading range will be shortly tested on the downside.
AUD is particularly exposed to (especially negative) shifts in economic optimism and sentiment, as reflected in equity and commodity prices.
Going forward, with AUD trading at close to "fair value", I think the risks with respect to future sentiment shifts are to the downside.