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

The Double Bottom pattern has been formed on NZDCAD M5; the upper boundary is 0.7934; the lower boundary is 0.7929. The width of the pattern is 5 points. In case of a break of the upper boundary 0.7934, 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, NZDCAD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.7993 - 0.0000 and support 0.7986 – 0.7986. In case the resistance level 0.7986 - 0.7986 is broken, the instrument is likely to follow the bearish trend.

According to the chart of M15, NZDCAD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 0.7992 is likely to encourage a continuation of the downward trend.

According to the chart of M5, NZDCAD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 0.7990, the lower border is 0.7984. The signal means that a short position should be opened after fixing a price below the lower border 0.7984 of the Bearish Rectangle.

On the chart of NZDCAD M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.8001; the lower boundary 0.7963; the width of the pattern 38 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.7933 level.