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

According to the chart of M15, EURUSD produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 1.0507 while the median line of the Neck is set at 1.0567/1.0554. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of EURUSD will go towards 1.0576.

The Double Bottom pattern has been formed on NZDCHF M5; the upper boundary is 0.5186; the lower boundary is 0.5183. The width of the pattern is 3 points. In case of a break of the upper boundary 0.5186, 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 Double Bottom pattern has been formed on USDJPY 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 155.10 is broken. The further movements will rely on the width of the current pattern 21 points.

The Double Bottom pattern has been formed on USDJPY M5. Characteristics: the support level 154.89; the resistance level 155.10; 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 22 points.

According to the chart of M30, GBPUSD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 1.2658 while the median line of the Neck is found at 1.2630/1.2649. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of GBPUSD will go towards 1.2688

According to the chart of M5, EURJPY formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 163.32 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -25 pips.

According to the chart of M5, EURJPY formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 163.56 - 0.00 and support 163.32 – 163.32. In case the resistance level 163.32 - 163.32 is broken, the instrument is likely to follow the bearish trend.

The Double Top pattern has been formed on AUDCAD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 0.9093 is broken, the downward movement will continue.

According to the chart of M5, AUDCAD formed the Bullish Rectangle. The pattern indicates a trend continuation. The upper border is 0.9101, the lower border is 0.9093. The signal means that a long position should be opened above the upper border 0.9101 of the Bullish Rectangle.

The Triple Bottom pattern has formed on the chart of GBPCHF M15. Features of the pattern: The lower line of the pattern has coordinates 1.1193 with the upper limit 1.1193/1.1187, the projection of the width is 17 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 1.1176, the price is most likely to continue the upward movement.