FX.co ★ Actual patterns. Technical analysis and trading recommendations
实际图案
Double Bottom
The Double Bottom pattern has been formed on NZDUSD M5; the upper boundary is 0.5986; the lower boundary is 0.5981. The width of the pattern is 5 points. In case of a break of the upper boundary 0.5986, 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.
Bearish Flag
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.
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Bearish pennant
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.
Double Top
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.
Bullish Symmetrical Triangle
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.
