FX.co ★ Patterns AUDCAD | Australian Dollar (AUD) to Canadian Dollar (CAD) Rate in the Forex market

On the chart of AUDCAD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.8991; the lower boundary 0.8983; the width of the pattern 8 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.8968 level.

The Double Bottom pattern has been formed on AUDCAD 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 0.8976 is broken. The further movements will rely on the width of the current pattern 7 points.

The Double Bottom pattern has been formed on AUDCAD H1; the upper boundary is 0.8998; the lower boundary is 0.8970. The width of the pattern is 28 points. In case of a break of the upper boundary 0.8998, 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 Triple Top pattern has formed on the chart of the AUDCAD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 0.8977/0.8984 with the upper limit 0.8990/0.8992; the projection of the width is 13 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 0.8977, the price is most likely to continue the downward movement.

According to the chart of M5, AUDCAD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 0.9032 - 0.0000 and support 0.9024 – 0.9024. In case the resistance level 0.9024 - 0.9024 is broken, the instrument is likely to follow the bearish trend.

According to the chart of M5, AUDCAD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 0.9074 and 0.9062 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 12 pips. Outlook: If the upper border 0.9074 is broken, the price is likely to continue its move by 0.9084.

The Double Bottom pattern has been formed on AUDCAD M15; the upper boundary is 0.9066; the lower boundary is 0.9047. The width of the pattern is 18 points. In case of a break of the upper boundary 0.9066, 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.

According to the chart of M5, AUDCAD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 0.9048 is likely to encourage a continuation of the downward trend.

The Triple Bottom pattern has been formed on AUDCAD M5. It has the following characteristics: resistance level 0.9051/0.9044; support level 0.9041/0.9040; the width is 10 points. In the event of a breakdown of the resistance level of 0.9051, the price is likely to continue an upward movement at least to 0.9054.

According to the chart of M5, AUDCAD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 0.9038/0.9047 and upper border is 0.9060/0.9047. The pattern width is measured on the chart at -22 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and AUDCAD breaches the lower border, the price could continue its move toward 0.9032.