Some have made the case that if AUD/USD hovers around 0.9550, that gives RBA room to lower rates again. That might be the case, but the pair is currently flirting with 0.9650, a noticeable difference in the forex market. [Aussie ETFs Merit Attention]

Plus, some banks are forecasting RBA rates hikes, granted somewhat far off. Last week, ANZ bank scrapped its prediction for another rate cut, instead predicting a rate increase in 2015 in an effort to get Australia’s overnight cash rate back to 4% by 2016.

Risk-tolerant traders can consider the ProShares Ultra Australian Dollar (NYSEArca: GDAY), which is essentially the double-leveraged bullish equivalent of the AUD/USD pair. GDAY is up 10% in the past three months.

CurrencyShares Australian Dollar Trust