Economists are expecting the RBA to raise rates by another 25bps in December. Australia’s inflation fell to 6.9% from 7.3% in September. Investors are on the lookout for the US nonfarm payroll report. Today’s AUD/USD outlook is bullish. All 30 economists surveyed by Reuters predict that on December 6, the Reserve Bank of Australia will increase interest rates by a modest 25 basis points to 3.10 percent. This will mark its third consecutive increase following a string of half-point increases. –Are you interested in learning more about spread betting brokers? Check our detailed guide- It was anticipated that the central bank, among the last to join the global tightening campaign and the first significant one to switch to smaller movements, would continue down that route during the ensuing months as inflation showed indications of slowing. Although it decreased to 6.9% in October from 7.3% the previous month, inflation is still much higher than the RBA’s target range of 2%–3%. According to Marcel Thieliant, a senior economist for Capital Economics in Australia, the consumer expenditure numbers were a little softer than expected, and inflation was down a little. That would indicate that they would adhere to the 25bps hike. Although consumption was still steady, house prices, vulnerable to higher mortgage rates, exhibited signs of a sustained slowdown. According to the median estimate, the RBA will increase rates by 50 basis points by the end of the second quarter of 2023, bringing the terminal rate to 3.60%. AUD/USD key events today Investors’ focus will be on the US jobs report. The US will release the nonfarm payroll report and the unemployment rate, which will show the state of the labor market. Get FREE Forex Signals Now! AUD/USD technical outlook: Wobbling above the broken range When we look at the 4-hour chart, the price is above 30-SMA, and the RSI is above 50, indicating that the bulls are in charge. The price has been trading within a large rectangle with support at 0.6600 and resistance at 0.6778. The bulls attempted to break above the range resistance twice before finally succeeding on the third attempt. –Are you interested in learning more about AI trading brokers? Check our detailed guide- Currently, the price has paused and is consolidating above the range resistance. Bulls need to get back in stronger for this breakout to hold and take out the 0.6850 resistance level. However, if bears return and push the price back into the range area, we might fall to 0.6600. 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 USD/CAD Price Analysis: Investors Cut Bets on Big BoC Hike Saqib Iqbal 2 months Economists are expecting the RBA to raise rates by another 25bps in December. Australia's inflation fell to 6.9% from 7.3% in September. Investors are on the lookout for the US nonfarm payroll report. Today's AUD/USD outlook is bullish. All 30 economists surveyed by Reuters predict that on December 6, the Reserve Bank of Australia will increase interest rates by a modest 25 basis points to 3.10 percent. This will mark its third consecutive increase following a string of half-point increases. -Are you interested in learning more about spread betting brokers? Check our detailed guide- It was anticipated that the central… 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.