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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
Bullish Symmetrical Triangle
According to the chart of M15, USDCAD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 1.3431 and 1.3465 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at -34 pips. Outlook: If the upper border 1.3431 is broken, the price is likely to continue its move by 1.3454 pips.
Bullish Symmetrical Triangle
According to the chart of M15, USDCAD formed the Bullish Symmetrical Triangle pattern, which signals the trend will continue. Description. The upper border of the pattern touches the coordinates 1.3436/0.0000 whereas the lower border goes across 1.3465/0.0000. The pattern width is measured on the chart at -29 pips. If the Bullish Symmetrical Triangle pattern is in progress during the upward trend, this indicates the current trend will go on. In case 0.0000 is broken, the price could continue its move toward 1.
According to the chart of H1, USDCAD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.3394 - 0.0000 and support 1.3469 – 0.0000. In case the resistance level 1.3469 - 0.0000 is broken, the instrument is likely to follow the bearish trend.
The Double Bottom pattern has been formed on USDCAD M30. Characteristics: the support level 1.3405; the resistance level 1.3465; the width of the pattern 60 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 61 points.
On the chart of USDCAD M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.3434; the lower boundary 1.3414; the width of the pattern 20 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.3391 level.
The Triple Top pattern has formed on the chart of the USDCAD M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 0, support level -5, and pattern’s width 12. Forecast If the price breaks through the support level 1.3413, it is likely to move further down to 1.3409.
Bearish Symmetrical Triangle
According to the chart of M30, USDCAD formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 1.3533 is breached. Here, a hypothetical profit will equal the width of the available pattern that is 126 pips.
The Triple Bottom pattern has formed on the chart of the USDCAD M15 trading instrument. The pattern signals a change in the trend from downwards to upwards in the case of breakdown of 1.3592/1.3574.
On the chart of USDCAD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.3556; the lower boundary 1.3539; the width of the pattern 17 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.3524 level.
According to the chart of M5, USDCAD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.0000 and support 0.0000. In case the resistance level 1.3437 - 0.0000 is broken, the instrument is likely to follow the bullish trend.