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Technical Analysis Patterns
There is nothing more precious to a trader than an ability to predict a further price movement. Technical analysis is a key to your successful transaction. At the same time, you can rely on common and recurring situations that arise in the same circumstances. Our Technical Analysis Patterns section features all trading recommendations based on the technical analysis patterns that help traders make projections and turn a profit.
Head and Shoulders
The Bullish pennant signal – Trading instrument AUDCHF M5, continuation pattern. Forecast: it is possible to set up a buy position above the pattern’s high of 0.6861, with the prospect of the next move being a projection of the flagpole height.
The Double Bottom pattern has been formed on AUDCHF M30. 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 0.6853 is broken. The further movements will rely on the width of the current pattern 20 points.
The Double Bottom pattern has been formed on AUDCHF M15; the upper boundary is 0.6853; the lower boundary is 0.6833. The width of the pattern is 20 points. In case of a break of the upper boundary 0.6853, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.
The Bearish Flag pattern has been formed on AUDCHF at M5. The lower boundary of the pattern is located at 0.6828/0.6832 while the upper boundary lies at 0.6832/0.6836. The projection of the flagpole is 15 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 0.6828 is broken, the price will move further downwards.
The Bearish pennant pattern has formed on the AUDCHF M5 chart. It signals potential continuation of the existing trend. Specifications: the pattern’s bottom has the coordinate of 0.6828; the projection of the flagpole height is equal to 15 pips. In case the price breaks out the pattern’s bottom of 0.6828, the downtrend is expected to continue for further level 0.6813.
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 0.6875 and support 0.6865. In case the resistance level 0.6875 - 0.6875 is broken, the instrument is likely to follow the bullish trend.
On the chart of the AUDCHF H1 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 0.6887, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 25 points.
On the chart of the AUDCHF M30 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 0.6887, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 25 points.
The Triple Bottom pattern has formed on the chart of AUDCHF M5. Features of the pattern: The lower line of the pattern has coordinates 0.6912 with the upper limit 0.6912/0.6910, the projection of the width is 6 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 0.6906, the price is most likely to continue the upward movement.
Head and Shoulders
According to the chart of M5, AUDCHF formed the Head and Shoulders pattern. The Head’s top is set at 0.6912 while the median line of the Neck is found at 0.6894/0.6893. 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 0.6878.