Resistance: 1.009 moderate/1.013 minor/1.017 minor
Support: 1.005 strong/1.001 moderate/0.997 minor
AUDUSD is generally bullish with Hourly Bearish Engulfing occurring near a strong support level at 1.005, the Pivot Point. With the pivot directly beneath us a close under 1.005 has to be seen before jumping short. The immediate object will be 1.001 break of which suggest you have a tanking market with 0.997 as its target. Stops should be placed above the Pivot Point or alternatively the patterns high.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices