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

According to the chart of D1, AUDUSD formed the Head and Shoulders pattern. The Head’s top is set at 0.7278 while the median line of the Neck is found at 0.7102/0.7080. 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 AUDUSD will go towards 0.7040.

According to M5, AUDUSD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 0.7129/0.7126 is broken out, the instrument is likely to move toward 0.7141.

The Double Bottom pattern has been formed on AUDUSD M15. 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 0.7138 is broken. The further movements will rely on the width of the current pattern 6 points.

The Triple Bottom pattern has been formed on AUDUSD M30. It has the following characteristics: resistance level 0.7140/0.7134; support level 0.7127/0.7124; the width is 13 points. In the event of a breakdown of the resistance level of 0.7140, the price is likely to continue an upward movement at least to 0.7153.

The Double Bottom pattern has been formed on AUDUSD M5. Characteristics: the support level 0.7172; the resistance level 0.7184; the width of the pattern 12 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 12 points.