Ascending Channel on AUD/USD @ D1

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 take-profit levels. As always, breakout stop-loss rate should be determined by the high or low of a breakout candlestick bar. The image below is clickable:

Update 2012-08-24: Short position entered on sell stop triggered at 1.0430. Stop-loss set to 1.0548, take-profit is at 1.0192.
Update 2012-09-03: Take-profit triggered at 1.0283 — it was moved higher according to the slope of the green target line. Unfortunately, that has erased some of the potential gains.

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