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

The Double Bottom pattern has been formed on AUDCAD M15; the upper boundary is 0.9700; the lower boundary is 0.9690. The width of the pattern is 10 points. In case of a break of the upper boundary 0.9700, 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.

According to the chart of M5, AUDCAD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.9718 - 0.0000 and support 0.9710 – 0.9710. In case the resistance level 0.9710 - 0.9710 is broken, the instrument is likely to follow the bearish trend.

The Bearish Flag pattern has been formed on the chart AUDCAD M15. Therefore, the downwards trend is likely to continue in the nearest term. As soon as the price breaks below the low at 0.9686, traders should enter the market.

The Bearish pennant pattern has formed on the AUDCAD M15 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 0.9686 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 Bottom pattern has been formed on AUDCAD M5. Characteristics: the support level 0.9686; the resistance level 0.9716; the width of the pattern 30 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 30 points.