Societe Genearle Research likes considering structural AUD/USD longs on a long-term basis. 

 

"CFTC data show the net long USD position held by non-commercial accounts fall marginally in the week to last Tuesday, as euro longs grew, sterling and yen shorts shrank," SocGen notes.

 

"The election didn’t deliver a particularly currency-friendly outcome but it did deliver AN outcome and that reduces uncertainty. Meanwhile, the AUD remains absurdly undervalued. It's the one currency that is worth starting to build a strategic long against the dollar in,"SocGen adds.