AUD/USD Rising Wedge Breakout

The AUD/USD has been trending across the intraday time frames as the U.S. Dollar dips below 81.00 once again and commodities are slightly weaker but mainly range-bound.

The upward trend on the 60 minute chart has formed a rising wedge as prices are in a mark up cycle.  For any trending pattern, the continuation is the more prudent set up.  The trend follow can be played by either a swing buy off uptrend line support or a breakout through resistance.  The latter is the case as prices have broken higher through 0.9040.  An alternative corrective buy could be taken if prices correct back to the support of the 34ema high currently at 0.9002 which would also utilize the support of the major 0.9000 psychological level.