EUR/AUD 4H Chart: Rising Wedge

Euro-aussie cross has been appreciating rather steeply since the start of April. Having this in mind, the fact that the pair is trading at the higher boundaries of daily and weekly pivots does not come as much of a surprise and only technical levels that could give some orientation are monthly pivots. At the moment it is at the pattern's resistance, therefore some bearishness is expected. However, there is no reason to expect a noticeable dip or a sell off. It is much more likely that long term bullishness will persist (as suggested by the long term technicals) and we will see pattern's resistance breached.