The Reserve Bank of Australia concluded its latest monetary policy meeting by voting to keep the official cash rate at 1.50%. Here's an excerpt from the official statement by RBA governor, Philip Lowe:Conditions in the global economy have continued to improve over recent months. Business and consumer confidence have both picked up. Above-trend growth is expected in a number of advanced economies, although uncertainties remain. In China, growth is being supported by higher spending on infrastructure and property construction. This composition of growth and the rapid increase in borrowing mean that the medium-term risks to Chinese growth remain. The improvement in the global economy has contributed to higher commodity prices, which are providing a significant boost to Australia's national income.Headline inflation rates have moved higher in most countries, partly reflecting the higher commodity prices. Long-term bond yields are higher than last year, although in a historical context they remain low. Interest rates are expected to increase further in the United States and there is no longer an expectation of additional monetary easing in other major economies. Financial markets have been functioning effectively and stock markets have mostly risen.The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2½ per cent in 2016. Exports have risen strongly and non-mining business investment has risen over the past year. Most measures of business and consumer confidence are at, or above, average. Consumption growth was stronger towards the end of the year, although growth in household income remains low.At first the AUD/USD rallied. This could be because the RBA statement was UN-dovish. I wouldn't call it hawkish just yet because it contained cautious language especially about inflation, which is a key factor for interest rate policy consideration.Inflation remains quite low. With growth in labour costs remaining subdued, underlying inflation is likely to stay low for some time. Headline inflation is expected to pick up over the course of 2017 to be above 2 per cent, with the rise in underlying inflation expected to be a bit more gradual.However, the AUD/USD eventually slid. I think if the initial bullish reaction in AUD/USD fails, it is due for a bearish outlook. Let's take a look at the daily chart and then the 1H chart.AUD/USD Daily Chart(click to enlarge)A Price Top:- The daily chart shows a price top recently after a double top was completed.- Price also broke below a rising support.- However, price is still above the cluster of 200- and 100-day simple moving averages (SMAs) and the RSI is still above 40. This means, the overall trend could still be bullish.- With today's non-dovish RBA statement, the AUD/USD should continue the rebound from 0.7550. - However, the price reaction so far is not looking good for the bullish outlook.AUD/USD 1H Chart 3/7(click to enlarge)Failed Push = Bearish Outlook:- The 1H chart shows that the AUD/USD initially rallied after the RBA statement but retreated after tagging 0.7630. - Price has already fallen below where AUD/USD was before the RBA statement - meaning the entire bullish reaction has now been reversed. - If price bounces today and finds resistance at 0.7610, it would add evidence for the bearish outlook. Of course we would also like to see price break below the current bullish channel, which looks like a bullish correction pattern. - For a bearish outlook, we should limit the target first to 0.7550 and then 0.75, which is a critical pivot where we should anticipate some buyers.