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

“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.”