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

According to the chart of M5, AUDCAD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 0.8945/0.8956 whereas the upper border goes across 0.8965/0.8956. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of AUDCAD will breach the upper border to head for 0.8971.

The Double Top pattern has been formed on AUDCAD M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 0.8946 is broken, the downward movement will continue.

The Bearish Flag pattern has been formed on AUDCAD at M15. The lower boundary of the pattern is located at 0.8904/0.8912 while the upper boundary lies at 0.8912/0.8920. The projection of the flagpole is 16 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 0.8904 is broken, the price will move further downwards.

The Bearish pennant pattern has formed on the AUDCAD M15 chart. It signals potential continuation of the existing trend. Specifications: the pattern’s bottom has the coordinate of 0.8904; the projection of the flagpole height is equal to 16 pips. In case the price breaks out the pattern’s bottom of 0.8904, the downtrend is expected to continue for further level 0.8881.

The Double Bottom pattern has been formed on AUDCAD M15. Characteristics: the support level 0.8911; the resistance level 0.8922; the width of the pattern 11 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 10 points.