EUR/AUD Developing wedge formation

With the beginning of February the EUR/AUD pair started an amazing bullish run, which peaked at 1.5815 in the middle of the month. And since then it seems than bulls decided to rest a bit deeply believing that they had accomplished the intended goals. This can be viewed as consolidation but on the four hour time frame it looks like falling wedge formation is developing. On the same chart the 20-day SMA has started to turn south accompanied by bearish stochastic and flat RSI, both last nearing oversold territories. We should take into consideration the bearish bias before assuming that the pair will act in accordance with the formation. We may witness bullish continuation only of the price break off upper line of the wedge which comes at 1.5730. On the other hand the force awakens for bears below 1.5606.