Normally a rising wedge resolves with a break to the down side. In this case AU has made a strong break up and out of its 3 month channel/rising wedge. Clearly the ongoing up trend off the .5503 low is a strong one, however; at some point in the near future we should see a significant correction.
The pair closed just above the 75% line of the whole formation. A move to the 100% line should be expected, but it is trapped in a range and could reverse for a correction at any time.
long term bullish. Starting to take off.
Looks short on the 4 hr, long on the daily. Went short around here. SL is around 7180. If it breaks down out of the rising wedge we could get into the low 68s pretty quick.
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