Isn't gold better>?
The AUD (along with NZD) has a traditionally strong correlation
with commodities prices (particularly gold in the case if AUD).
That said, the "shock" to the exchange rate
mechanism mentioned by some in this thread stem very much from
the reversal in carry trades by institutional investors in view of
the latest market developments, taking into consideration the
impact of the market turmoil.
Obviously, I won't be in a job for very much longer if I
advocated gold over FX (not like security exists in this business
to begin with)... 