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

The Bearish Flag pattern has been formed on the chart AUDCAD M15. Therefore, the downwards trend is likely to continue in the nearest term. As soon as the price breaks below the low at 0.9686, traders should enter the market.

The Bearish pennant pattern has formed on the AUDCAD M15 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 0.9686 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 AUDCAD M5. Characteristics: the support level 0.9686; the resistance level 0.9716; the width of the pattern 30 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 30 points.

According to the chart of M5, AUDCAD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 0.9719/0.9729 whereas the upper border goes across 0.9742/0.9729. 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 0.9744.

On the chart of AUDCAD H1 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.9746; the lower boundary 0.9722; the width of the pattern 24 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.9682 level.