For that type of formation, the target is usually equal to the length of the channel before the breakout, then you simply add that number to the lowest low observed inside that channel and you get the target. So in this particular case, the maximum profit target has already been reached. However, it does not mean that the AUD/USD cannot go even higher than that...
Coming up next in less than 2 hours, the very important Reserve Bank of Australia Statement on monetary policy, at 9:30 PM New York time. In other words, rock and roll time! Hope to make a killing this time, or I will start punching kangaroos!!
Interesting,since you are located in New York where are you going to find kangaroos to punch? For what it is worth, be prepared for a series of counter punches that will deck you after ripping your face apart before you hit the deck!! NiN
Nonsense, we have plenty of them in the Long Island zoo. Don't worry about me, Mike Dundee taught me all the sneaky tricks on how to beat a kangaroo. In fact he is with me right now at the Plaza Hotel, drinking Foster beers. But wait....could you please excuse me for a second, NowIsNow? "Yo, Dundee, didn't I tell not to wash your dirty socks in the bathtub?"
Too bad I cancelled that day-trade (I was busy baby-sitting another trade on the EUR/USD), it was a winning trade (50+ pip profit). Oh well.
As said, I don't trade FX, but I do love a live-call thread, so, in the spirit of joining in: short AUD/CAD here at 1.0141 - stop at 1.0161