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

The Double Top pattern has been formed on EURJPY M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 185.61 is broken, the downward movement will continue.

On the chart of GBPJPY M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 213.20; the lower boundary 213.04; the width of the pattern 16 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 212.89 level.

According to the chart of M5, GBPAUD formed the Head and Shoulders pattern. The Head’s top is set at 1.9075 while the median line of the Neck is found at 1.9049/1.9051. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GBPAUD will go towards 1.9036.

The Double Top reversal pattern has been formed on GBPCHF M5. Characteristics: the upper boundary 1.0608; the lower boundary 1.0601; the width of the pattern is 7 points. Sell trades are better to be opened below the lower boundary 1.0601 with a possible movements towards the 1.0586 level.

According to the chart of M5, USDCAD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.3844/1.3852 and upper border is 1.3863/1.3852. The pattern width is measured on the chart at -19 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and USDCAD breaches the lower border, the price could continue its move toward 1.3837.