Australia’s retail sales increased 1.4% from October to a record A$35.9 billion in November. Australia’s annual inflation re-accelerated to 7.3% in November. Fed Chair Jerome Powell failed to offer policy hints in his speech. Today’s AUD/USD price analysis is bullish. The Australian dollar gained by approximately 0.3% to $0.6912 following news that the annual inflation rate jumped in November, allowing for additional rate hikes. –Are you interested in learning more about forex robots? Check our detailed guide- Black Friday deals and online specials pushed up demand for clothing, gadgets, and furniture in November, driving up consumer spending in Australia. This was despite rising interest rates and soaring inflation. According to ABS data released on Wednesday, retail sales increased 1.4% from October to a record A$35.9 billion ($24.7 billion) in November. That was more than double the median prediction of 0.6% Separate ABS consumer price figures revealed annual inflation re-accelerated to 7.3% in November, following a surprising decrease to 6.9% in October, reflecting the strength of demand. Holiday travel and lodging had a 4.3% gain in November, breaking the regular trend of reductions, which drove the monthly increase. The trimmed mean, a frequently monitored measure of core inflation, increased to its highest level since 2018 at 5.6% annually, demonstrating the widespread nature of pricing pressure. Strong spending and continuing inflation highlight the difficulty the Reserve Bank of Australia (RBA) faces in trying to cool the economy. Investors are closely watching the US CPI data after Federal Reserve chair Jerome Powell failed to offer policy hints during a panel discussion in Stockholm. Other Fed officials have stated that their next moves will depend on data. AUD/USD key events today There won’t be any more key economic releases from the US or Australia, so the price will likely consolidate ahead of tomorrow’s inflation report. Get FREE Forex Signals Now! AUD/USD technical price analysis: Bulls set to resume the uptrend. AUD/USD is pushing higher in the 4-hour chart after finding support at the 0.6875 key level. Bulls are ahead because the price is trading above the 30-SMA and the RSI is above 50, supporting bullish momentum. –Are you interested in learning more about South African forex brokers? Check our detailed guide- With bulls in charge, the price will likely retest the 0.6951 resistance soon. A break above will only occur if bulls are still stronger than bears when the price gets to that level. 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 Forecast: Dollar Holds Steady Ahead of US CPI Saqib Iqbal 2 weeks Australia’s retail sales increased 1.4% from October to a record A$35.9 billion in November. Australia’s annual inflation re-accelerated to 7.3% in November. Fed Chair Jerome Powell failed to offer policy hints in his speech. Today’s AUD/USD price analysis is bullish. The Australian dollar gained by approximately 0.3% to $0.6912 following news that the annual inflation rate jumped in November, allowing for additional rate hikes. -Are you interested in learning more about forex robots? Check our detailed guide- Black Friday deals and online specials pushed up demand for clothing, gadgets, and furniture in November, driving up consumer spending in Australia. This… 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.