AUD/NZD Consolidates into Symmetrical Triangle on W1

After a short-termdouble top formation on Aussie/Kiwi failed last week, something new is emerging in the same currency pair. A multi-year bullish trend that has started for AUD/NZD back in 2002 is now at a test by consolidation, which is taking a form of a symmetrical triangle on the weekly chart of this Forex pair.
Please refer to the chart below to see the pattern (yellow lines), breakout entry levels (cyan lines) and the moderately conservative targets (green lines). Although the pattern is not ideal in a sense that the lower triangle has a little stronger slope than the upper one, the formation was confirmed by many price spikes, which prove its validity. In my opinion, the most probable breakout direction here is up as the symmetrical triangles tend to breakout to the previous trend’s direction, which is clearly ascending. I will use the breakout bar’s low as the stop-loss for my trade. You can click on the image below to get a full-sized screenshot of a chart:

Update 2012-07-25: Buy stop order triggered at 1.3080. Stop-loss set at 1.2821, take-profit is at 1.4404.
Update 2012-08-24: Stop-loss of 1.2821 triggered.

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