ANZ Research discusses AUD outlook over the coming week.

"The AUD bounced back above 0.7050 for the first time in nearly three weeks on improving risk sentiment. We think near-term upside is likely capped at a year-to-date high of 0.7187 because negotiations in the Middle East conflict are ongoing. A clear reopening of the Strait of Hormuz would likely see the pair above 0.72. Until then, a range of 0.7–0.72 is likely to hold, near term, ANZ notes.

"March’s Labour Force survey is out next Thursday, and we expect 15k growth in employment and unemployment rate at 4.2% Since the announcement of a two-week ceasefire, rate hike expectations for both the BoE and ECB have reduced. Hawkish expectations for the RBA have remained largely unchanged, which confirms our negative bias for both GBP/AUD and EUR/AUD, though a short EUR/AUD position may see better carry returns," ANZ adds.