AUDUSD Piercing Line Hourly Chart
Resistance: 1.0361 minor
Support: 1.0338 minor/1.0321 moderate/1.0298 strong
AUDUSD has a bullish trend though prices are looking overextended. With a high level bullish candlestick pattern, Piercing Line continue to hold current longs while aggressive buys may also be taken by neutral traders with stops just under the pattern low or 1.0338. Look for the rally in the market to continue further.
GBPUSD Three Outside Down Hourly Chart
Resistance: 1.5470 strong/1.5503 moderate/1.5541 minor
Support: 1.5432 moderate/1.5399 minor/1.5361 minor
Three Outside Down is just under the pivot point at 1.5470 in Hourly GBPUSD charts. With a combination of a high level bearish pattern and a strong resistance consider shorting at market the immediate objective at 1.5432 break of which should see us move to 1.5399. Stop loss should be placed above 1.5470.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices