DislikedSince the .25% rate cut is already priced in, the danger would be if no rate cut takes place. The easier bet may be to go LONG. Since if the rate cut does happen, people are going to say it is already priced in and aud won't drop. If the rates remain the same then AUD will shoot up past 1.047.
The only chance for the bears to win this is if the rate cut is 0.50%.Ignored
If rate cuts at .25 or .5% brings it down dramatically, then i would definitely sneak a buy at 1.01 -1.02 because of probability of QE 3.
Either way if my guess is wrong and rate cut of .25% is already inside. then i wouldnt do anything.