Rising trend pattern on AUDUSD within potential rising channel

The AUDUSD is showing signs of reversing from oversold levels with the Stochastic indicators. The price action is showing a rising zigzag trend pattern. This may well fit within a newly developing supportive channel.

I've proposed a stop below the channel in case of a break down and profits at the recent high and the top of the channel near old potential resistance. If price moves to TP1 area or close by I can move my stops to the open price.