AUD on the decline... Should I exchange now or wait?

[cattlikewoah]

So the bloody AUD has dropped 10c against the USD in a matter of weeks - in fact, yesterday 1$AU bought 88cUS. Today it fell to 86c.

Having just spent 7 weeks in the USA and having such a GREAT exchange rate (somewhere in the mid-90s), I'm scared that the AUD is going to keep going on a downward slope.

One source has told us not to be surprised if it drops to 78c... another source has said that the AUD will continue to slump until the economy is strong enough to pick up again - this would be at least until the next financial year.

So this is my dilemma - my travel plans are as follows:
Japan in Nov 08,
Hawaii in Feb 09,
Europe/USA/Mexico in May 09.

I'm leaning towards converting some money now to Japanese Yen (AUD is also doing poorly against that)... and maybe some for USA.

My knowledge is very basic and I'm just taking advise from all my nerdy finance-related friends. I need help to work out what is the best course of action.

I considered Cash Passport so it stays at a fixed exchange rate, but I heard it isn't that good and it needs to convert to USD before going to Yen for example.

I looked into Westpac 0% commission on currency conversions (also offers 1cent more than Travelex).

Help help help! I want to know what to do before the $ goes dowwwwnnnn....