Buy AUDUSD on pullback with 0.72190 target ahead of Australian CPI and Fed decision

Looking at the daily AUDUSD chart, you'll see a textbook uptrend, complete with a strong rebound from a major support zone. After an impressive run from late March, launching from a 0.68323 low to a 0.72208 high, the pair finally hit the pause button. Instead of crumbling, however, it found a safety net at the 23.6% Fibonacci retracement, near 0.71300, where a tidy reversal took hold. Today's bullish candle is the smoking gun—buyers are officially back in the game.

Technicals are singing the same tune. The Chaikin Oscillator has flipped into positive territory. More importantly, its red line stopped sliding and started climbing after hitting a local low during the correction. This is a loud and clear message that position accumulation is back on and selling pressure is quietly melting away.

The Relative Strength Index (RSI) is at 73. In a strong uptrend like this one, it is not a warning; it confirms that bullish momentum is in control. If the trend keeps its pace, the indicator could comfortably hang around these levels without blinking. 

The fundamental side is adding fuel to the fire. The greenback is struggling, caught between a diplomatic stalemate in US-Iran negotiations and mounting anticipation for the post-Powell era at the Federal Reserve. This makes it easy for AUDUSD to rise. Meanwhile, expectations are heating up for a rate hike from the Reserve Bank of Australia (RBA) as early as May—another layer of support for the Aussie.

Here's what to watch in the coming days. The focus will be on two heavyweights: Australian CPI data and the Fed meeting results, plus the follow-up commentary on Wednesday and Thursday. Both events are poised to inject fresh momentum into the market. That said, some traders may decide to lock in profits ahead of the releases, which would actually create a golden entry opportunity around 0.71300. If everything falls into place, the pair could easily retest 0.72190—and maybe even surpass it.

Take a moment to review the trading plan below:

Buy AUDUSD on a pullback to 0.71300. Lock in profits at 0.72190. Place Stop Loss at 0.70700 (below the 38.2% Fibonacci).

This forecast is valid from April 28 till May 5, 2026.