Resistance: 1.0286 strong / 1.0336 moderate / 1.0416 minor
Support: 1.0206 moderate / 1.0156 minor / 1.0076 minor
Bearish Engulfing is just under the pivot point in AUDUSD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 1.0286, 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 1.0206 then on to 1.0156 break of which gives us a run on the market.
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 aLook At Prices