AUD/USD: Rising wedge on the 4 hour chart

The rising wedge is a chart pattern with bearish implications, although its name could confuse some people and make them believe that the pattern is a bullish pattern. Actually, the pattern is a bearish reversal pattern and its confirmation comes when the lower line of the pattern is broken to the downside. On the 4 hour chart of the AUD/USD we can see that if the price breaks down of the pattern, it may drop all the way to the 0.7578 zone; therefore, we must be attentive to that possible breakdown, because we may be presented with an opportunity to go short.