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AUDUSD Megaphone

AUD\USD has created a very precise Megaphone chart pattern. The Megaphone pattern consists of two expanding trendlines. IT is generally a reversal chart pattern that usually breaks after 5 touches at the Support and Resistance trendlines. Pattern's size is 140 pips - a large pattern with good profit potential.

Trading:
Enter Short if price touches Resistance trendline. Use conservative profit target and price can easily reverse and break the Resistance trendline.

Wedge Reversal at EURUSD

A Wedge chart pattern has formed at the major cross of EUR\USD. The Wedge is a reversal pattern that leads to the end of current trend and the beginning of move to the opposite direction. In this case, bearish movement. Unlike channel which signals that the trend is strong and healthy, the Wedge which consists of the congestion trend lines show that the trend is not well and is about to fade.

Double Bottom and Descending Triangle

USD\CAD Double Bottom
Double Bottom
A very precise double bottom pattern has appeared at the USD\CAD FOREX pair. The double bottom is a reversal pattern that usually indicates that reversal of trend and the beginning of a bullish movement. The size of the pattern is 30 pips and this is the projected target for the pattern.

Trading: Wait for price to pullback to the neckline before entering Long trades.

EUR\TRY Descending Triangle

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