GBPUSD Bearish Harami Hourly Chart

Resistance: 1.5774 moderate/1.5813 minor/1.5883 minor

Support: 1.5704 strong/1.5665 moderate/1.5595 minor

GBPUSD is generally bullish with the Bearish Harami occurring near a strong support level at 1.5704, the Pivot Point. As such it would be best to consider shorting only if we have a close below 1.5704 with a stop loss above the candlestick patterns high. Price target for any subsequent sell-off will be at 1.5665, possibly on to 1.5595 if the former gives way.


USDCAD Bullish Engulfing 4-Hour Chart


Resistance: 0.9915 minor/0.9930 minor

Support: 0.9889 moderate/0.9874 strong/0.9848 moderate

Market is generally bullish with Bullish Engulfing suggesting a further push up. Given that the pattern is a medium reliability setup consider going long the immediate objective at 0.9915 possibly a run to 0.9930. Stop losses ideally should be under 0.9889 though a tighter stop under the pattern low is also viable. It is best to wait for a confirmation.


EURUSD Bearish Engulfing Hourly Chart


Resistance: 1.2328 strong/1.2400 moderate/1.2446 minor

Support: 1.2282 moderate/1.2210 minor/1.2164 minor

Bearish Engulfing is just under the pivot point in EURUSD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 1.2328, 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 1.2282 then on to 1.2210 break of which gives us a run on the market.


USDCHF Bullish Engulfing Hourly Chart


Resistance: 0.9776 moderate/0.9834 minor/0.9869 minor

Support: 0.9741 strong/0.9683 moderate/0.9648 minor

We have a medium credibility pattern Bullish Engulfing in Hourly charts. Though ideally this needs a confirmation before trading, with prices just above a strong support consider buys off 0.9741, the Pivot Point. Stop losses can be placed just under the said price or alternatively the pattern low if beneath the Pivot Point.

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