Is Today the Start of a Major Australian Dollar Bounce?

From dailyfx.com

Why is the Australian Dollar so weak, and could its very recent bounce be the start of a larger bounce? We think so, and here’s why. The Australian Dollar trades at multi-year lows as the second-worst performing G10 currency year-to date, but markets can only move in one direction in so long—why might it bounce? Several weeks ago I wrote that sharp AUD declines might have actually been the “Canary in the Coal Mine” for the S&P 500. In other words: sharp Australian Dollar declines pointed to similar weakness in stocks and broader financial markets. Frankly I’d rather be lucky than good, but the S&P 500 set ... (full story)