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

The Bearish pennant pattern has formed on the USDJPY M15 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 158.01 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 #NTDOY D1; the upper boundary is 16.14; the lower boundary is 12.86. The width of the pattern is 312 points. In case of a break of the upper boundary 16.14, 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.

The #EBAY M5 formed the Head and Shoulders pattern with the following features: The Head’s top is at 102.82, the Neckline and the upward angle are at 101.87/101.92. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of #EBAY will go towards 101.77.

According to M15, EURCAD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 1.6140/1.6141 is broken out, the instrument is likely to move toward 1.6164.

The Triple Bottom pattern has been formed on USDCAD M5. It has the following characteristics: resistance level 1.3683/1.3674; support level 1.3669/1.3668; the width is 14 points. In the event of a breakdown of the resistance level of 1.3683, the price is likely to continue an upward movement at least to 1.3684.