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

The Bullish pennant pattern is formed on the NZDUSD M5 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 0.5806, a further uptrend is possible.

The Double Bottom pattern has been formed on NZDUSD M5. Characteristics: the support level 0.5763; the resistance level 0.5771; the width of the pattern 8 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 8 points.

According to the chart of M5, NZDUSD formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 0.5772 – 0.5772 and upper border 0.5780 – 0.5780. In case the lower border is broken, the instrument is likely to follow the downward trend.

The Double Bottom pattern has been formed on NZDUSD M5. 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 0.5794 is broken. The further movements will rely on the width of the current pattern 3 points.

On the chart of NZDUSD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.5797; the lower boundary 0.5790; the width of the pattern 7 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.5775 level.