In the face of a plunge in the US dollar, the AUD/USD pair rallied on short exits. A risk momentum undermined the safe-haven dollar and benefited the seemingly riskier Australian dollar. Further upside will be limited ahead of next week’s RBA/Fed policy announcements. The AUD/USD price saw a solid intraday rebound in the first half of the European session, climbing to a fresh daily high above 0.7160 in the last hour. –Are you interested in learning more about Canadian forex brokers? Check our detailed guide- On the last day of the week, the pair recovered from the lows it reached earlier in the month, around 0.7000 the previous day. The US dollar broke out of a six-day winning streak during extended trading and hit a five-year high. As a result, the perceived riskier Aussie gained support, causing some short covering in AUDUSD. In addition, the expectation of an imminent rate hike by the Reserve Bank of Australia provided additional support to the resource-pegged Australian dollar. The Australian Bureau of Statistics reported on Wednesday that consumer prices rose at their fastest rate in two decades in the first quarter. The data fueled speculation that the RBA may tighten policy next week. However, the question remains whether the bulls will be able to capitalize on this move or whether a rapid hike in US interest rates will provide fresh supply at higher levels. At the upcoming FOMC meeting on May 3rd-4th, markets expect a 50-basis point rate hike. Furthermore, at the US Federal Reserve’s next meeting in June and July, the central bank is expected to tighten monetary policy further, eventually raising interest rates to around 3.0% by the end of the year. Get FREE Forex Signals Now! What’s next to watch? Therefore, the market will continue to focus on the risks of upcoming central bank events – the RBA policy update on Tuesday and the FOMC decision on Wednesday. Traders can, however, refrain from aggressive betting, making it wise to wait for subsequent purchases before positioning further for profits. Nevertheless, the AUD/USD pair may end the week in the red for the fifth straight week and remain vulnerable to dollar price movements. –Are you interested in learning more about high leveraged brokers? Check our detailed guide- AUD/USD price technical analysis: Buyers looking for 0.7200 The AUD/USD price gradually rose above the 20-period SMA on the 4-hour chart. The price looks poised to post further gains as the volume for the upside wave is rising. The next key hurdle for the pair is around 0.7200 (psychological mark) and the descending trendline. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal AUD/USD Daily Outlooks share Read Next Free Forex Signals and Forecast: Buy EUR/JPY – 29 Apr 2022 Olimpiu Tuns 3 weeks In the face of a plunge in the US dollar, the AUD/USD pair rallied on short exits. A risk momentum undermined the safe-haven dollar and benefited the seemingly riskier Australian dollar. Further upside will be limited ahead of next week's RBA/Fed policy announcements. The AUD/USD price saw a solid intraday rebound in the first half of the European session, climbing to a fresh daily high above 0.7160 in the last hour. -Are you interested in learning more about Canadian forex brokers? Check our detailed guide- On the last day of the week, the pair recovered from the lows it reached… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.