US business activity came in weaker than expected. Investors are awaiting Powell’s speech at Jackson Hole. In the charts, bulls are trying to take over. Today’s AUD/USD outlook is bullish as the pair will likely extend Tuesday’s gains. The Australian dollar spiked higher on Tuesday following the publication of weaker-than-expected data on US business activity. Still, gains were very modest, and prices dropped late yesterday and early today due to further hawkish comments from a Fed member. -Are you looking for the best AI Trading Brokers? Check our detailed guide- Price volatility is anticipated to last until the Federal Reserve’s interest rate decision on September 21. Jerome Powell, the chairman of the Federal Reserve, will deliver the keynote address on Friday in Jackson Hole, Wyoming. His remarks may provide insight into how the Federal Open Market Committee (FOMC) will vote. After leaning toward the massive hike earlier in the week, the trader mood is split ahead of Powell’s address at the central bankers’ symposium in Jackson Hole. The probability of a rate increase of 50 and 75 basis points, respectively, is 50%, according to the carefully observed FedWatch Tool. The US manufacturing and services PMI came in well below estimates on Tuesday, which raises questions about the economy’s health and supports the idea that Powell may give a speech advocating a slower rate of interest rate increases. Conversely, Powell might follow several Fed members and advocate for the continuation of aggressive rate hikes. This includes Neel Kashkari, the president of the Minneapolis Federal Reserve Bank. He stated on Tuesday that his most significant concern is that the US central bank will underestimate the scope and persistence of price pressures. AUD/USD key events today AUD/USD investors will pay attention to economic data from the United States, including core durable goods and pending home sales. These will give further clues on the health of the US economy. Get FREE Forex Signals Now! AUD/USD technical outlook: Bulls fighting to maintain the new uptrend The 4-hour chart shows the price trading above the 30-SMA after a candle with massive momentum broke above the SMA. This break is a sign that bulls are challenging the downtrend. -Are you looking for the best MT5 Brokers? Check our detailed guide- However, to maintain this new downtrend, bulls must use the 30-SMA as support and push beyond resistance at 0.69507. If this happens, the next hurdle will be at 0.70362. However, if bears return, the price will likely retest support at 0.68751. Looking to trade forex now? Invest at eToro! Trade Forex Now! 75% 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/CHF Price Analysis: Disappointing US Data Reversing Dollar Gains Saqib Iqbal 1 month US business activity came in weaker than expected. Investors are awaiting Powell's speech at Jackson Hole. In the charts, bulls are trying to take over. Today's AUD/USD outlook is bullish as the pair will likely extend Tuesday's gains. The Australian dollar spiked higher on Tuesday following the publication of weaker-than-expected data on US business activity. Still, gains were very modest, and prices dropped late yesterday and early today due to further hawkish comments from a Fed member. -Are you looking for the best AI Trading Brokers? Check our detailed guide- Price volatility is anticipated to last until the Federal Reserve's… 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.