AUD/USD Price Forecast: Seems on track to break above key hurdle of 0.7220

AUD/USD holds near 0.7200 as the Australian dollar stays firm ahead of an RBA meeting widely expected to deliver another 25bp hike; a Reuters poll shows 30 of 33 economists pencilling a rise to a 4.35% OCR. Strong Q1 CPI (4.1% y/y) supports hawkish RBA bets, underpinning AUD strength. USD weakness—partly driven by Japan’s market intervention—has seen the US Dollar Index trade near 98.00, aiding the pair’s advance. Technicals are constructive: spot remains above the 20-day EMA (0.7125) and RSI (~60), keeping buyers in control with immediate resistance at the multi-year high 0.7220 and a break targeting 0.7300. Traders will watch US ISM Manufacturing PMI for fresh USD drivers.