5/02/2008 - AUD/USD - A very long-term, gradual uptrend in the AUD/USD daily chart, as shown, has currently culminated in a well-formed rising wedge consolidation (as represented on the chart by the two converging green lines). The two wedge borders have been touched by price action at least four times on each side, which would lend considerable significance to any clean breakout of this consolidation. Because wedges are most often considered continuation patterns, there is a technical bias towards an eventual upside breakout. But since price is near long-term highs, in the event of this upside breakout there is not much in the way of known resistance above the wedge. In the event of a downside breakout, on the other hand, the next major support to the downside resides around the 0.9100 region, a significant previous support/resistance level.
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