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Another Channel Pattern — This Time on EUR/AUD W1 Chart

December 18, 2011 by

Another channel pattern for today was formed by the EUR/AUD currency pair on the weekly chart. It dates back to late August 2010 and is a really good example of a long-term channel pattern, despite the fact that the upper border is sloping down slightly.

It’s a really high channel — 1,406 pips — a desirable prize for any FX trader. The breakout levels are located quite far from the actual borders of the pattern because 10% of 1,406 is 141 pips, which is also a considerable range for the EUR/AUD pair. As with my two previous channel patterns, the target is set at the distance of channel’s height to its borders.

As can be seen on the image below, the pattern borders are delimited with the yellow lines, while the possible levels of entry are marked with cyan color. The target levels are green dashed lines. The image can be expanded by clicking on it:

Channel Chart Pattern on EUR/AUD @ W1 as of Dec 18, 2011

If you have any questions or comments regarding this EUR/AUD chart pattern, please feel free to reply via the form below.

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