FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Double Bottom pattern has been formed on EURCAD M5; the upper boundary is 1.5932; the lower boundary is 1.5925. The width of the pattern is 8 points. In case of a break of the upper boundary 1.5932, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

On the chart of AUDJPY M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 113.16; the lower boundary 113.04; the width of the pattern 12 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 112.82 level.

The Double Bottom pattern has been formed on EURNZD M15. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.9868 is broken. The further movements will rely on the width of the current pattern 17 points.

The Bearish Flag pattern has been formed on the chart GBPCHF M30 which signals that the downward trend will continue. If the price breaks below the low at 1.0604, then it is most likely to move further downwards. The price will likely move by the number of points which equals the length of the flag pole (20 points).

The Bearish pennant pattern has formed on the GBPCHF M30 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.0604 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.