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

The Bullish pennant pattern is formed on the AUDUSD M5 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 0.6606, a further uptrend is possible.

The Double Bottom pattern has been formed on AUDUSD M15. Characteristics: the support level 0.6544; the resistance level 0.6565; the width of the pattern 21 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 20 points.

On the chart of AUDUSD H1 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.6559; the lower boundary 0.6544; the width of the pattern 15 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.6504 level.

According to the chart of M5, AUDUSD formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 0.6552 – 0.6552 and upper border 0.6560 – 0.6560. In case the upper border is broken, the instrument is likely to follow the upward trend.

The Double Top reversal pattern has been formed on AUDUSD M15. Characteristics: the upper boundary 0.6560; the lower boundary 0.6553; the width of the pattern is 6 points. Sell trades are better to be opened below the lower boundary 0.6553 with a possible movements towards the 0.6531 level.