ANZ Research sees a a limited scope for AUD/USD strength into this week's RBA and FOMC policy decisions.

"We expect the RBA to keep the cash rate at 3.6% at the May meeting," ANZ notes. 

"Given the recent proximity to lower bounds of the trading range and dovish expectations for the RBA meeting, there is some hope for a short-term retracement.

We think any move higher is likely to be short-lived, with the FOMC likely to be more hawkish than the RBA next week," ANZ adds.