Eur/Aud – Bullish Momentum Breaches Strong Resistance Area & Touches the 200 Moving Average

Very strong bullish momentum push by market participants during yesterday trading session broke past a major resistance area and a major pivot level that hold fort as since the start of the second half of this year. The strong price action move up did touch the 200 day moving average.

Starting this month trading session, price action remained bullish as market speculators traded above the 50 moving average holding as dynamic support band.

Traders’ sentiment is still bullish as price shot up past the price handle level of 1.67, nevertheless, the 200 M.A is flat and we may expect a little bit of consolidation wave around it as price zones level around 1.675 was a previous supply zone area and can expect a bit of short sell.

Bullish market participants may wait for a retest of both last week trading session highs if looking for good risk : reward trade idea and limit order setups for this pair.

Of course, one’s discretion and risk management is advised.

Daily Chart;

Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years’ experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.

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