BluetonaFX - AUDUSD 20 EMA Break LONG Idea

Hi Traders!

AUDUSD is still looking strong off the support bounce from the yearly low as bears look exhausted and new waves of buyers are entering the market, and price has finally broken and closed above the 20 EMA for the first time in eight weeks.

Price Action 📊

The market bounced off the yearly low and is approaching the first resistance area. The market has also broken and closed above the 20 EMA for the first time in eight weeks.

Looking for bullish continued momentum to take us to the first resistance area.

Fundamental Analysis 📰

The market's outlook on the AUD continues to be positive, as hawkish statements were released in their latest monetary policy meeting and a recent improvement in the employment situation in Australia

Support 📉

0.63574: YEARLY LOW
0.64436: 20 EMA

Resistance 📈

0.64974: FIRST RESISTANCE
0.65233: SECOND RESISTANCE

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX

Comment:

First resistance area reached.