BNP Paribas Research likes long AUD/USD with a target at 0.7000, and a stop at 0.6550.

"With risk premia at still-elevated levels, bullish seasonal patterns in early April and bearish USD momentum building, we favour adding long AUDUSD," BNPP notes.

"AUD positioning is neutral according to BNP Paribas FX Positioning Analysis and the currency has suffered as a result of the Reserve Bank of Australia being a laggard in raising rates," BNPP adds.