AUD/USD: Next target is the 0.7820 January high – Commerzbank

The AUD/USD pair is breaking higher from its consolidation pattern and sees next resistance at the 0.7820 January high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“AUD/USD is breaking higher from its consolidation pattern and attention is now on the 0.7820 January high. It is underpinned by the 55-day ma at 0.7626 and key support is the 2020-2021 support line at 0.7619.” 

“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.” 

“Below 0.7560 (last weeks low) will trigger a slide to 0.7463 December 21 low and also the 0.7413 September high and the 0.7340 November 9 high.”