As of now, last nights low in the Futures and the Cash should be quite telling for the whole “Risk On” scenario. If the stocks hold early short term traders will have less risk buying the Aussie on a dip against last nights lows.

A futures close or price action back below 105.65 (U) would be considered negative. This lines up with 106.65-70 Cash, AUD/USD.

In short, if the stocks continue to hold up, an Aussie long is the least risky trade with the most definable downside.