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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
On the chart of AUDUSD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.6818; the lower boundary 0.6804; the width of the pattern 14 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.6789 level.
The Bullish pennant graphic pattern has formed on the AUDUSD M5 instrument. This pattern type falls under the category of continuation patterns. In this case, if the quote can breaks out high, is expected to continue the upward trend to level 0.6850.
The Double Bottom pattern has been formed on AUDUSD M5. 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 0.6840 is broken. The further movements will rely on the width of the current pattern 46 points.
The Triple Bottom pattern has been formed on AUDUSD M15. It has the following characteristics: resistance level 0.6698/0.6692; support level 0.6682/0.6686; the width is 16 points. In the event of a breakdown of the resistance level of 0.6698, the price is likely to continue an upward movement at least to 0.6704.
According to the chart of M5, AUDUSD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.6682 - 0.0000 and support 0.6698 – 0.0000. In case the resistance level 0.6698 - 0.0000 is broken, the instrument is likely to follow the bearish trend.
The Triple Bottom pattern has formed on the chart of AUDUSD M5. Features of the pattern: The lower line of the pattern has coordinates 0.6698 with the upper limit 0.6698/0.6687, the projection of the width is 16 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 0.6682, the price is most likely to continue the upward movement.
The Double Top reversal pattern has been formed on AUDUSD M5. Characteristics: the upper boundary 0.6749; the lower boundary 0.6730; the width of the pattern is 18 points. Sell trades are better to be opened below the lower boundary 0.6730 with a possible movements towards the 0.6715 level.
The Double Top reversal pattern has been formed on AUDUSD M5. Characteristics: the upper boundary 0.6710; the lower boundary 0.6700; the width of the pattern is 10 points. Sell trades are better to be opened below the lower boundary 0.6700 with a possible movements towards the 0.6685 level.
The Double Bottom pattern has been formed on AUDUSD M30. Characteristics: the support level 0.6643; the resistance level 0.6659; the width of the pattern 16 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 18 points.
The Bearish pennant pattern has formed on the AUDUSD M30 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 0.6729, a trader will be able to successfully enter the sell position.