Another Forex pattern for today is presented by AUD/USD pair. Like with the USD/CAD pattern, it is also on a daily timeframe and it is a channel too, but this time it is an ascending one. The channel appears to be of a slightly better quality also, though it is shorter than the one on USD/CAD. I would expect a downside breakout from this one, with bullish breakout possible but resulting in a less accurate trade setup.
The channel borders are outlined with the yellow dotted lines. The cyan lines show the entry points and the green lines — the
Update 2012-08-24: Short position entered on sell stop triggered at 1.0430.
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