The Federal Reserve boosted interest rates by a widely anticipated 50bps. Fed Chair Jerome Powell stated that rates were anticipated to climb over 5%. China’s economy continued to lose momentum in November as factory output slowed. Today’s AUD/USD outlook is bearish as the dollar rises in the wake of the FOMC meeting. The Federal Reserve boosted interest rates by a widely anticipated half percentage point overnight, and its officials anticipated making additional raises and keeping rates high for longer than initially anticipated. -Are you looking for automated trading? Check our detailed guide- Fed Chair Jerome Powell stated that rates were anticipated to climb over 5%, demonstrating the Federal Open Market Committee’s resolve to contain inflation despite the possibility of a recession. The US dollar index increased to 103.89, up 0.22% against a basket of its major rivals. However, it was still hovering close to a six-month low it had reached in the previous session, which had indicated market skepticism over whether the Fed would truly raise interest rates that high. In Asia, data released on Thursday revealed that China’s economy continued to lose momentum in November as factory output slowed and retail sales continued to decline, both of which missed forecasts and recorded their worst readings in six months. The rising COVID-19 cases and the widespread virus curbs, which were only loosened last week, hampered the economy. The Aussie, frequently used as a liquid substitute for the yuan, decreased by 0.55% to $0.6826. AUD/USD key events today Investors will be keen on retail sales data from the United States That will shine a light on the state of the economy and consumer spending. There will also be an initial jobless claims report from the US that will give insight into the labor market. Get FREE Forex Signals Now! AUD/USD technical outlook: Prices to retest the 0.6800 support level Looking at the chart above, we see the price pulling back after facing the 0.6875 resistance and failing to break above. Although bears are in charge of the current move, the trend is still bullish. This is because the price is still above 30-SMA, and the RSI is trading slightly above 50. -If you are interested in forex day trading then have a read of our guide to getting started- Bears are approaching a support zone comprising the 30-SMA and the 0.6800 key level. They would have to gather a lot of momentum to break below this level. If they fail, bulls will return to resume the bullish trend and possibly break above 0.6875. 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 Outlook: ECB Delivers Fourth Hike, More to Come Saqib Iqbal 1 month The Federal Reserve boosted interest rates by a widely anticipated 50bps. Fed Chair Jerome Powell stated that rates were anticipated to climb over 5%. China's economy continued to lose momentum in November as factory output slowed. Today's AUD/USD outlook is bearish as the dollar rises in the wake of the FOMC meeting. The Federal Reserve boosted interest rates by a widely anticipated half percentage point overnight, and its officials anticipated making additional raises and keeping rates high for longer than initially anticipated. -Are you looking for automated trading? Check our detailed guide- Fed Chair Jerome Powell stated that rates were… 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.