FX.co ★ The AUD/USD candlestick analysis for 07/10/2010

On a 4-hour chart, the AUD/USD currency pair came close to the historical peak. In the nearest time the AUD/USD can test the mark of 0.9850.
Earlier on a 4-hour chart, the AUD/USD has formed the combination of candlesticks Morning Star, thus signaling about uprising movement.
This combination of candlesticks formed near the mark of 0.8770, where the bulls started to increase their influence and the rollback after downward movement happened. The uptrend is confirmed by the fact that Morning Star emerged near the lower limit of uptrend (daily chart). This combination of candlesticks provided a good opportunity to open long positions.
The stop orders should be set slightly below 0.9500, since the breakthrough of this mark will denote that the uptrend is breached.