GOLD Bearish Harami Hourly Chart

Resistance: 1618.08 moderate / 1624.02 minor / 1631.58 minor

Support: 1610.52 strong / 1604.58 moderate / 1597.02 minor

Market appears to have a bullish bias in GOLD with Bearish Harami well resisted by 1618.08. Given that we have a low level bearish reversal pattern it would be best to look for a confirming black candlestick before jumping short. Stop loss should also be placed just above 1618.08 while the price target is 1610.52, possibly on to 1604.58 if the former breaks. The pattern high may also be used as a stop loss area.

For pattern explanation and visual identification rules, click here.

USDJPY Three Inside Down Hourly Chart

Resistance: 78.44 strong / 78.65 moderate / 78.88 minor

Support: 78.21 moderate / 78.00 minor / 77.77 minor

Three Inside Down is just under the pivot point at 78.44 in Hourly USDJPY charts. With a combination of a high level bearish pattern and a strong resistance consider shorting at market the immediate objective at 78.21 break of which should see us move to 78.00. Stop loss should be placed above 78.44.

For pattern explanation and visual identification rules, click here.

  

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