Resistance: 0.9871 strong/0.9880 moderate/0.9896 minor

Support: 0.9854 moderate/0.9846 minor/0.9829 minor

Bearish Engulfing is just under the pivot point in USDCAD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 0.9871, 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 0.9854 then on to 0.9846 break of which gives us a run on the market.


XAUUSD Bearish Harami Hourly Chart


Resistance: 1719.10 moderate/1725.46 minor/1733.72 minor

Support: 1710.84 strong/1704.48 moderate/1696.22 minor

XAUUSD is generally bullish with the Bearish Harami occurring near a strong support level at 1710.84, the Pivot Point. As such it would be best to consider shorting only if we have a close below 1710.84 with a stop loss above the candlestick patterns high. Price target for any subsequent sell-off will be at 1704.48, possibly on to 1696.22 if the former gives way.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices