AUDUSD Bearish Engulfing Hourly Chart
Resistance: 1.0480 strong/1.0520 moderate/1.0555 minor
Support: 1.0446 moderate/1.0406 minor/1.0371 minor
Bearish Engulfing is just under the pivot point in AUDUSD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 1.0480, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade. Immediate objective is 1.0446 then on to 1.0406 break of which gives us a run on the market.
GBPUSD Bullish Engulfing Hourly Chart
Resistance: 1.6071 strong/1.6103 moderate/1.6159 minor
Support: 1.6014 moderate/1.5983 minor/1.5926 minor
The Hourly GBPUSD chart is in a bear market with a medium credibility Bullish Engulfing suggesting we look for a turn-around. Consider buys off the immediate support 1.6014, or on a bullish confirmation. A stop loss should be placed just below 1.6014 while the immediate target is 1.6071. A close above 1.6071 will have us looking for a rally to 1.6103.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices