USDCAD Bearish Engulfing 4-Hour Chart


Resistance: 0.9787 strong/0.9816 moderate/0.9847 minor

Support: 0.9756 moderate/0.9728 minor/0.9697 minor

Bearish Engulfing is just under the pivot point in USDCAD 4-Hour charts, a moderate bearish pattern below a strong resistance. Given proximity to 0.9787, 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 0.9756 then on to 0.9728 break of which gives us a run on the market.


AUDUSD Bullish Engulfing 4-Hour Chart


Resistance: 1.0458 moderate/1.0493 minor/1.0529 minor

Support: 1.0422 strong/1.0388 moderate/1.0352 minor

AUDUSD is generally bullish though prices are just under a moderate resistance at 1.0458. With a mid level bullish candlestick pattern, Bullish Engulfing in 4-Hour charts, look for possible buys on a close above the said price. Immediate target is 1.0493 possibly 1.0529 on a break of the latter. A stop loss should be placed below the pattern low or alternatively just under 1.0422.


USDCAD Three Outside Down Hourly Chart


Resistance: 0.9787 strong/0.9816 moderate/0.9847 minor

Support: 0.9756 moderate/0.9728 minor/0.9697 minor

Three Outside Down is just under the pivot point at 0.9787 in Hourly USDCAD charts. With a combination of a high level bearish pattern and a strong resistance consider shorting at market the immediate objective at 0.9756 break of which should see us move to 0.9728. Stop loss should be placed above 0.9787.

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