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

The Bearish Flag pattern has been formed on the chart NZDUSD M5. Therefore, the downwards trend is likely to continue in the nearest term. As soon as the price breaks below the low at 0.5987, traders should enter the market.

The Bearish pennant pattern has formed on the NZDUSD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 0.5987 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.

The Double Top reversal pattern has been formed on NZDUSD M30. Characteristics: the upper boundary 0.6008; the lower boundary 0.5992; the width of the pattern is 15 points. Sell trades are better to be opened below the lower boundary 0.5992 with a possible movements towards the 0.5962 level.

According to the chart of M5, NZDUSD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 0.5988/0.5994 whereas the upper border goes across 0.5999/0.5994. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of NZDUSD will breach the upper border to head for 0.6009.

The Double Top pattern has been formed on NZDUSD M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 0.5988 is broken, the downward movement will continue.