FxWirePro: AUD/USD hovers near 4-year top,outlook bullish

• AUD/USD  hovered near  4-year higher  on Friday as optimism over a potential Middle East peace deal strengthened risk sentiment.

• Sentiment   boosted by reports of a possible interim U.S.–Iran agreement ahead of a ceasefire deadline, alongside a 10-day Israel–Lebanon ceasefire, both of which have improved hopes for broader diplomatic progress in the region.

• Market pricing has also turned more hawkish on the Reserve Bank of Australia, with futures now implying a 76% probability of a rate hike in May.

• The Antipodean was still on track for a weekly gain of about 1.2%, its third consecutive rise, having rallied nearly 5% from its March low of $0.6834.

• From a technical perspective, AUD/USD remains firm and is now targeting the May 2022 high near 0.72825, which is a key resistance level. A break above this area could open the door for further upside momentum.

•  Immediate resistance is located at 0.7195(23.6%fib), any close above will push the pair towards 0.7250 (Higher BB).

•  Support is seen at 0.7151(Daily low) and break below could take the pair towards 0.7087(38.2%fib)

Recommendation: Good to buy around 0.7150with stop loss of 0.7100, and target price of 0.7230