MUFG Research sees a scope for AUD/USD to extend gains in the near-term.

"Developments overnight have proven favourable for the Australian dollar. Firstly, the Australian dollar has been supported by the release of the latest GDP report from China which revealed that activity bounced back even more strongly than expected in Q1 following the removal of COVID restrictions at the end of last year," MUFG notes. 

"Secondly, the Australian dollar has derived support as well overnight from the release of the minutes from the RBA’s last policy meeting on 4th April. At the meeting the RBA decided to leave their policy rate unchanged a 3.6% bringing an end to a series of 10 consecutive rate hikes," MUFG adds.