AUD/USD pared some losses by the end of week. NFP lent some support to the pair for the time being. RBA, Fed’s meeting minutes and US ISM survey are major risk events next week. The Australian Dollar saw an entire week under the dominance of bears. The AUD/USD pair fell below the 0.7500 psychological mark and tested 21 December lows of 0.7445 area. The downtrend stemmed from Fed Chair Powel’s comments last week that triggered a rally in Greenback across the board. However, a nonfarm payroll report for the US came out and turned the upside-down of the market. Although the pair closed in red, it was able to catch some bids at the end of the session. AUD/USD on NFP The employers were able to add 850k new jobs in the US economy, which has been the strongest figure since August 2020. The momentum has clearly picked over the past two months. Despite a sharp rise in payrolls, the unemployment rate rose to 5.9%. The rise emerged from household measures of employment that dropped to 18k. Thus, although the labor supply increased, the reduction in unemployment will take more time. The AUD/USD pair picked up bids from 8-month lows amid little discouraging figures of unemployment. The upbeat jobs addition could not help the Greenback rally to continue. The pair has pared off some of the weekly losses. What to watch next week? The RBA meeting next week can also be decisive for the pair to find the directional bias. It should be noted here that on Monday, July 5, American trading floors will be closed. The States will continue to celebrate the public holiday (Independence Day). Literally the next day, during the Asian session on Tuesday, the RBA will announce its verdict on the prospects for monetary policy. For AUD/USD traders, this means that the pair may show increased volatility in the near future. Get FREE Crypto Signals Now! On the other hand, the US ISM survey and Fed meeting minutes are also important events next week that can provide fresh impetus to the market. AUD/USD technical weekly forecast: Are bulls too dominating? The bullish bar on the daily chart shows signs of bottom reversal with healthy volume. However, immediately, it is capped by 200-day SMA ahead of congestion of 20 and 50 DMAs. Bulls need to clear the resistance of 0.7550 and sustain above the level to retain the bullish traction. Furthermore, local high and 20-day SMA at 0.7600 area can serve as another resistance level. However, we can see a mild corrective retracement of Friday’s bulls on Monday and Tuesday that can provide fresh buying opportunities. Daily chart of AUD/USD 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 ForecastWeekly Forex Forecasts share Read Next Ripple Price Forecast: Bitcoin Strength Still Crucial For Upside Gerald Fenech 5 months AUD/USD pared some losses by the end of week. NFP lent some support to the pair for the time being. RBA, Fed's meeting minutes and US ISM survey are major risk events next week. The Australian Dollar saw an entire week under the dominance of bears. The AUD/USD pair fell below the 0.7500 psychological mark and tested 21 December lows of 0.7445 area. The downtrend stemmed from Fed Chair Powel's comments last week that triggered a rally in Greenback across the board. However, a nonfarm payroll report for the US came out and turned the upside-down of… Top 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.