Actual patterns
Patterns are graphical models which are formed in the chart by the price. According to one of the technical analysis postulates, history (price movement) repeats itself. It means that the price movements are often similar in the same situations which makes it possible to predict the further development of the situation with a high probability.
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Head and Shoulders
was formed on 09.05 at 00:30:16 (UTC+0)
signal strength 2 of 5
According to the chart of M15, AUDJPY formed the Head and Shoulders pattern. The Head’s top is set at 93.49 while the median line of the Neck is found at 93.22/93.26. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of AUDJPY will go towards 93.04.
The M5 and M15 time frames may have more false entry points.
