AUD / USD has broken higher from its consolidation phase and the next resistance is seen at the 0.7925 level, reports Karen Jones, Head of Technical Analysis at Commerzbank.
Key statements:
“AUD / USD broke higher on Friday to the January high at 0.7820, and now we have also seen a close above here. This suggests the end of the consolidation phase and the resumption of the uptrend. “
“Demand will continue as long as declines are contained above the 55-day moving average at 0.7670 and the uptrend support offered by the 2020-2021 support line at 0.7709 and the three-month uptrend at 0.7686.”
“We have a 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“.
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