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

According to the chart of M5, AUDCAD formed the Head and Shoulders pattern. The Head’s top is set at 0.9855 while the median line of the Neck is found at 0.9844/0.9845. 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 AUDCAD will go towards 0.9830.

The Triple Top pattern has formed on the chart of the AUDCAD M30. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 0.9862/0.9870 with the upper limit 0.9884/0.9885; the projection of the width is 22 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 0.9862, the price is most likely to continue the downward movement.

The Double Top reversal pattern has been formed on AUDCAD H1. Characteristics: the upper boundary 0.9884; the lower boundary 0.9862; the width of the pattern is 23 points. Sell trades are better to be opened below the lower boundary 0.9862 with a possible movements towards the 0.9822 level.

On the chart of the AUDCAD M15 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 0.9862, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 22 points.

The Double Top pattern has been formed on AUDCAD M30. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 0.9862 is broken, the downward movement will continue.