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

According to the chart of M5, NZDUSD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.6036 and support 0.6026. In case the resistance level 0.6036 - 0.6036 is broken, the instrument is likely to follow the bullish trend.

The Double Top reversal pattern has been formed on NZDUSD M5. Characteristics: the upper boundary 0.6045; the lower boundary 0.6021; the width of the pattern is 25 points. Sell trades are better to be opened below the lower boundary 0.6021 with a possible movements towards the 0.6006 level.

According to the chart of M5, NZDUSD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 0.6042, the lower border is 0.6034. The signal means that a short position should be opened after fixing a price below the lower border 0.6034 of the Bearish Rectangle.

The Double Bottom pattern has been formed on NZDUSD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 0.6041 is broken. The further movements will rely on the width of the current pattern 7 points.

According to the chart of M5, NZDUSD formed the Head and Shoulders pattern. The Head’s top is set at 0.6035 while the median line of the Neck is found at 0.6024/0.6025. 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 NZDUSD will go towards 0.6010.