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

According to the chart of M5, AUDCHF formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.5630 and support 0.5622. In case the resistance level 0.5630 - 0.5630 is broken, the instrument is likely to follow the bullish trend.

According to the chart of M15, AUDCHF formed the Head and Shoulders pattern. The Head’s top is set at 0.5634 while the median line of the Neck is found at 0.5623/0.5623. 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 AUDCHF will go towards 0.5601.

The Bullish pennant pattern is formed on the AUDCHF M30 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 0.5633, a further uptrend is possible.

The Triple Top pattern has formed on the chart of the AUDCHF M15. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 0.5594/0.5607 with the upper limit 0.5611/0.5610; the projection of the width is 17 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 0.5594, the price is most likely to continue the downward movement.

The Double Top reversal pattern has been formed on AUDCHF M15. Characteristics: the upper boundary 0.5611; the lower boundary 0.5594; the width of the pattern is 18 points. Sell trades are better to be opened below the lower boundary 0.5594 with a possible movements towards the 0.5572 level.