The Federal Reserve’s benchmark funds rate is expected to peak at 3.5% in 2023. Investors expect a drop in consumer confidence in the US economy. In the charts, the price is pushing higher within a range. Today’s AUD/USD forecast is bullish as the risk-sensitive pair could push higher with increased market risk sentiment. The US dollar pushed below 104 on Tuesday morning as bets on US interest rate hikes went down. Investors now expect the Federal Reserve’s benchmark funds rate to peak at around 3.5% next year, down from a previous expectation of 4%. –Are you interested in learning more about Canadian forex brokers? Check our detailed guide- However, this recent decline in the dollar might not last, with global growth uncertainties still plaguing investors. “Stay long the dollar until some of the uncertainty has been reduced. The dollar will fall, likely only when the global economy is on a more sustainable growth path. Markets are forward-looking, but all we can see ahead today in danger,” said Societe Generale strategist Kit Juckes. AUD/USD key events today Investors will be expecting data from the US and Australia later today. In the US, investors expect a drop in the Conference Board consumer confidence figure from 106.4 to 100.4. This data measures consumer confidence in economic activity and is a leading indicator of consumer spending. Consumer optimism is expected to go down in the US. A higher-than-expected reading could push AUD/USD lower. The opposite is also true. From Australia, investors are awaiting the retail sales figure for May. It is expected to drop from 0.9% to 0.4%. This data is also a significant indicator of consumer spending and overall economic activity. Get FREE Forex Signals Now! AUD/USD technical forecast: Short-term bulls aiming at 0.7050 Looking at the 4-hour chart, we see the price edging slightly higher in the range. The price is currently trading above the 30-SMA, showing bulls are in control. RSI is trading above 50, favoring bullish momentum. The price is caught between 0.70509 and 0.68668. The 0.70509 has acted as resistance, while the 0.68668 has acted as support. –Are you interested in learning more about high leveraged brokers? Check our detailed guide- With the current bullish momentum, the price might be heading toward resistance. A break above this resistance would start a series of higher highs and higher lows, confirming a bullish trend. However, if resistance holds, we could see the price retesting support and possibly breaking below. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% 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 USD/CAD Outlook: Big Downside Potential as Oil Prices Surging Saqib Iqbal 1 month The Federal Reserve's benchmark funds rate is expected to peak at 3.5% in 2023. Investors expect a drop in consumer confidence in the US economy. In the charts, the price is pushing higher within a range. Today's AUD/USD forecast is bullish as the risk-sensitive pair could push higher with increased market risk sentiment. The US dollar pushed below 104 on Tuesday morning as bets on US interest rate hikes went down. Investors now expect the Federal Reserve's benchmark funds rate to peak at around 3.5% next year, down from a previous expectation of 4%. -Are you interested in learning more… 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.