Descending wedge on the AUD/USD

The descending wedge is a bullish reversal pattern that forms in a consolidation area. On the daily chart of the AUD/USD we can see that the pair has been retracing from the peak at the 0.8123 until it consolidates around the 200 day EMA (blue line). For now, that EMA is acting as support. On the other hand, the 55 day EMA (purple line) has been acting lately as resistance. If the price breaks above the 55 day EMA, then it would be breaking above the wedge and the pair could break the 0.7900 level to go and visit the 0.8000. But in order for the AUD/USD to go back to its bullish trend, it must break above the peak at the 0.8123 level. To the downside, a breakdown below the 0.7700 could accelerate the bearish momentum and the AUD/USD could reach the 0.7600 level or even the 0.7500 level.