AUDUSD broke out to the upside after a consolidation period in which price squeezed for some time. Recently, bearish momentum has returned price to an interesting area where I'm looking for long positions for my swing trade account. Giving room for price fluctuations due to it being a weekly chart, I've expanded my lower trendline to a "zone" in which, along with other confluence factors, I could see price respecting. At the beginning of this trendline is the upper trendline boundary and the 50% fib, which price just tested and is currently respecting. If price penetrates deeper into our trendline zone, then there's the 61.8 and 78.6 fib retracement, as well as plenty of previous structure price may respect. Updates to this trade idea will be posted to the comments section below.
