AUD/USD in a Tight Bullish Pennant on Daily Chart

AUD/USD is currently consolidating inside a perfect example of a bullish pennant pattern. The daily chart shows that after four days of rally, the currency pair stalled and is now trading in a narrowing range for five days in a row.
The pennant itself is marked with the yellow lines on the image below. The cyan line is my entry level in case of a bullish breakout. It is placed at 10% of the pennant’s width above the upper border. The green line is my potential take-profit level placed at 100% of the same distance. I will set my stop-loss to the low of the breakout candle or to the low of the preceding candle if the former trades mostly outside the pennant. I will ignore bearish breakouts from this pattern, as they provide unreliable trading signals. You can click on the chart to see a full-size screenshot:

You can download my MetaTrader 4 chart template for this AUD/USD pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2017-12-21 14:06 GMT: It did not take long for the Aussie to break out of the pennant. It triggered my buy stop order just half an hour ago at 0.76808 with a stop-loss at 0.76533 and a take-profit at 0.77459. It looks like it will not take long for the pair to either hit the take-profit or bounce back to stop-loss.

Update 2017-12-27 10:47 GMT: My take-profit of 0.77337 has been reached today at 0:15 GMT.

If you have any questions or comments regarding this bullish pennant on AUD/USD chart, please feel free to submit them via the form below.

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