Intraday Trending AUD/USD below 0.9200

The Continuation Rising Wedge pattern is setting up some near-term trading opportunities.  Two factors are indicative of this:

1)    The market cycle (C) is heading higher; and

2)    The Initial Trend Reading (IT) is intact.

Wedge chart patterns must develop within a trend to be effective, as can be seen here.  Once narrowing occurs leaving no room for price movement a trading set up may be looming.

The entry would be ideal to trigger higher off the support line (S) of the chart pattern.  This support level will determine the continuation or reversal.  The resistance line (R) of the chart pattern is a breakout level.  A trend continuation may occur if prices do not correct back to the support level of the wedge.  The current resistance level is 0.9200.  The 0.9100 level is just above the uptrend support line (S).

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