AUD/NZD 1H Chart: Rising Wedge

Being that throughout the past 200 bars AUD/NZD has been posting higher troughs and slightly higher peaks, there is a possibility the currency pair is forming a rising wedge pattern, even though generally we would it expect to emerge at the end of the up-trend. This is why it may be the case that AUD/NZD's next peak will not exceed the previous one, then there would rather be an ascending triangle than a rising wedge on an hourly chart.

Meanwhile, the hourly technical indicators continue pointing upwards, suggesting a recovery from the bullish support line is likely to extend higher from the current levels.