Resistance: 1.5165 moderate/1.5219 strong/1.5307 moderate
Support: 1.5077 minor/1.5023 minor
We have a low level bullish reversal pattern in Hourly GBPUSD charts, Hammer. Look for a possible technical correction. Consider buys if the pattern is confirmned with stops ideally under 1.5077. The immediate objective will be a push for 1.5165 break of which opens us to a reversal for a move to the 1.5219, the daily Pivot Point.
XAUUSD Bearish Harami 4-Hour Chart
Resistance: 1601.64 minor/1618.51 minor
Support: 1588.72 moderate/1571.85 strong/1558.93 moderate
We have a low level bearish reversal, Bearish Harami in XAUUSD charts. Market is in an uptrend while the pattern is just above a moderate support at 1588.72. Short on a close below the said price for a push to 1571.85, break of which suggests a reversal for 1558.93. Stops should be placed above the patterns high.
USDCHF Three Inside Up Hourly Chart
Resistance: 0.9271 moderate/0.9302 strong/0.9338 moderate
Support: 0.9235 minor/0.9204 minor
USDCHF is in a bear market with prices just under a moderate resistance level, 0.9271. Hourly charts however have a high credibility bullish reversal pattern, Three Inside Up. Given its proximity a close above 0.9271 should be seen before taking a buy, the immediate objective will be the daily pivot point at 0.9302, break of which should see 0.9338. Stops should be placed below the pattern low.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices
The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results
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