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 07.01 at 17:59:50 (UTC+0)
signal strength 3 of 5
According to the chart of M30, NZDJPY formed the Head and Shoulders pattern. The Head’s top is set at 89.66 while the median line of the Neck is found at 89.26/89.24. 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 NZDJPY will go towards 88.94.
