AUD/USD faced heavy selling pressure on March 13 as expectations for Federal Reserve rate cuts faded. The pair failed to break above the 0.7160 level after three attempts, leading to a bearish engulfing candle on the daily chart. On April 7, the deadline for Iran to reopen the Strait of Hormuz became a key risk event for AUD/USD, with Trump warning of strikes on Iranian facilities if deadlines were not met. Following Trump's two-week suspension of strikes, AUD/USD surged past 0.7050.
