FX.co ★ The AUD/USD candlestick analysis for 14/10/2010

On a 4-hour chart, the AUD/USD currency pair had successfully breached the resistance level of 0.9917 and refreshed 27-year high. The breakthrough of this mark targeted the AUD/USD pair to the range of 1.00-1.05.
Earlier on a 4-hour graph, the AUD/USD has formed the combination of candlesticks Morning Star, thus indicating the uptrend.
This combination of candlesticks emerged near 0.8770, where the bulls started to increase their influence and a rollback after the downside trend happened. The uprising movement is confirmed by the fact that Morning Star formed near the lower bound of the uptrend (daily chart). This candlestick provided a good opportunity to open long positions.
It is worth to mention that the stop orders should be set slightly above 0.9590, as the breach of this mark will denote that the uptrend is broken through.