A double bottom is a bullish reversal pattern that forms after a downtrend, where the price hits a support level twice and bounces back up. A head and shoulders pattern is a bearish reversal pattern that forms after an uptrend, where the price makes three peaks, with the middle peak being the highest, and then drops down.
We saw price break out and above the bearish trend we had been in to then hit a resistance level at 93.00 before retesting down to 91.925 because of the volatility we saw from the news which then created a double bottom support zone. Or a right shoulder? What do you think?
📈📉 Is AUDJPY forming a double bottom or head and shoulders pattern? 🤔 This bullish and bearish reversal patterns, respectively, can provide insight into potential market moves. 📊 Keep an eye on the support levels and price action to confirm the pattern formation. 🧐 Don't forget to use other forms of analysis to make informed trading decisions. 📚 #AUDJPY #doublebottom #headandshoulders #technicalanalysis #forextrading #marketanalysis #tradingstrategy #financialmarkets #investing #tradingtips #chartpatterns
We saw price break out and above the bearish trend we had been in to then hit a resistance level at 93.00 before retesting down to 91.925 because of the volatility we saw from the news which then created a double bottom support zone. Or a right shoulder? What do you think?
📈📉 Is AUDJPY forming a double bottom or head and shoulders pattern? 🤔 This bullish and bearish reversal patterns, respectively, can provide insight into potential market moves. 📊 Keep an eye on the support levels and price action to confirm the pattern formation. 🧐 Don't forget to use other forms of analysis to make informed trading decisions. 📚 #AUDJPY #doublebottom #headandshoulders #technicalanalysis #forextrading #marketanalysis #tradingstrategy #financialmarkets #investing #tradingtips #chartpatterns
