AUD/USD breaks higher from a bullish consolidation – Commerzbank

The AUD/USD pair has broken higher from its consolidation phase and sees the next resistance at the 0.7925 level, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“AUD/USD broke higher on Friday through the 0.7820 January high, and we have also now seen a close above here. This suggests the end of the consolidation phase and the resumption of the bull trend.” 

“While dips hold over the 55-day ma at 0.7670 and uptrend support offered by the 2020-2021 support line at 0.7709 and the three-month uptrend at 0.7686, it will remain bid.” 

“Above the market, we have TD resistance at 0.7925 which, if reached, is likely to hold the initial test.” 

“The 0.7925 level is seen as the barrier to the 2018 peak at 0.8135.”