AUDUSD Bearish Engulfing Hourly Chart
Resistance: 1.0563 strong/1.0632 moderate/1.0667 minor
Support: 1.0528 moderate/1.0458 minor/1.0423 minor
Bearish Engulfing is just under the pivot point in AUDUSD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 1.0563, 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 1.0528 then on to 1.0458 break of which gives us a run on the market.
EURUSD Bearish Harami Hourly Chart
Resistance: 1.3350 moderate/1.3429 minor/1.3585 minor
Support: 1.3194 strong/1.3115 moderate/1.2960 minor
Market appears to have a bullish bias in EURUSD with Bearish Harami well resisted by 1.3350. 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 1.3350 while the price target is 1.3194, possibly on to 1.3115 if the former breaks. The pattern high may also be used as a stop loss area.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices
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