The annual increase in the CPI for October was 6.9%, down from 7.3% in September. The RBA expected inflation for consumer goods to peak at around 8% this quarter. Markets are still betting the RBA will increase the cash rate by 25 basis points. Today’s AUD/USD forecast is bearish. October saw a slowdown in Australian inflation due to strong drops in the cost of fruits and vegetables and unexpected drops in vacation costs. This unanticipated development could mean that interest rates may not need to rise as much as some had anticipated. –Are you interested in learning more about spread betting brokers? Check our detailed guide- According to data released by the Australian Bureau of Statistics on Wednesday, the annual increase in the consumer price index (CPI) for October was 6.9%, down from 7.3% in September. This is a welcome surprise for the Reserve Bank of Australia (RBA), which had to raise interest rates by 275 basis points to a nine-year high of 2.85% to control inflation. Inflation rates for consumer goods were supposed to peak around 8% this quarter, but the RBA may have been too gloomy in its predictions. The RBA’s December policy meeting comes next week, and markets are still betting it will increase the cash rate by 25 basis points. However, they reduced the anticipated peak for interest rates from 4.20% last month and as high as 3.72% before the CPI release to 3.65%. AUD/USD key events today When the ADP nonfarm payrolls and the JOLTs job vacancies data are made public, investors will be able to learn more about the condition of the US labor market. There will also be a GDP report demonstrating the state of the US economy. Investors will pay special attention to Fed Chair Jerome Powell’s address. This speech will probably provide hints about how monetary policy will develop. Get FREE Forex Signals Now! AUD/USD technical forecast: Consolidation at the 30-SMA showing indecision Looking at the 4-hour chart, we see the price trading slightly below the 30-SMA and the RSI close to 50. Bears are currently slightly ahead of the bulls. However, there is indecision in the market as the price is chopping through the 30-SMA. –Are you interested in learning more about AI trading brokers? Check our detailed guide- The price also trades within a larger range, with support at 0.6600 and resistance at 0.6778. Therefore, if bears can keep control, the price will likely fall to 0.6600 support. On the other hand, if bulls take over, the price will retest the range resistance. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal AUD/USD Daily Outlooks share Read Next EUR/USD Price Attempting to Gain Above 1.04 Ahead of Key Data Olimpiu Tuns 2 months The annual increase in the CPI for October was 6.9%, down from 7.3% in September. The RBA expected inflation for consumer goods to peak at around 8% this quarter. Markets are still betting the RBA will increase the cash rate by 25 basis points. Today's AUD/USD forecast is bearish. October saw a slowdown in Australian inflation due to strong drops in the cost of fruits and vegetables and unexpected drops in vacation costs. This unanticipated development could mean that interest rates may not need to rise as much as some had anticipated. -Are you interested in learning more about spread… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.