Below is the chart of AUD/USD (blue) vs ASX 200 (Red) since the...

Below is the chart of AUD/USD  (blue) vs ASX 200 (Red) since the beginning of 2018.

There is a inverse correlation between strength of AUD and ASX 200 eg AUD up then ASX200 down. Except two major occasions circled in black.

First is the US bond sell-off event in Feb where ASX was dragged down due to global equity sell off.

Second is around late of March till mid April when the banks were hammered by royal commissions and Trump / China trade war scare.

Assuming that Financial sector sell down is finished for the rest of the financial year and it enters the consolidation period, all eyes will be on the Materials and Energy sectors. AUD/USD or US Bond Yield will be the key factor to watch in this space as it clearly shows in the chart below starting from mid April.