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Michael,
take on board what the others have said (they are right) and then ignore them. Yours is just as valid a strategy as any. I am not an expert, am not even fluent in the currency field actually but I do know that the experts have absolutely no idea about the direction of currency markets in the short or long term. You show me an expert that says it will go one way and I will show you one with the opposite viewpoint.
I would not only be looking at the Oz I would also be looking at the Euro,probably more so.
Assuming you already have US$ investments you are looking in the right direction. If diversification and contrarianism are your style then your outlined strategy fits the bill. Be very wary about leverage, make sure you give yourself a bit of space before margin calls.
Good luck and good management.
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