Citi maintains a core bullish bias on AUD over the medium-term.

"Australian jobs data for February beat market expectations with the number employed increasing by 88.7k in February (vs 30k estimated) with full-time employment as the main driver, accelerating further from a 29.5k job gain in January. In terms of normalised magnitude vs other G10 economies, this beat was on par with a strong beat in Canada jobs data recently," Citi notes. 

"We remain bullish AUD from a structural perspective and expect further appreciation following the dovish Fed overnight, which could asymmetrically boost commodity currencies," Citi adds.