FX.co ★ The AUD/USD candlestick analysis for 15/10/2010

On a 4-hour chart, the AUD/USD currency pair slightly declined after it had refreshed a 27-year high. However, the viewpoint remains bullish, as the uptrend continues. As it was mentioned before, the breach of the resistance level of 0.9917 targeted the AUD/USD to 1.00-1.05.
Earlier on a 4-hour graph, the AUD/USD had formed the combination of candlesticks Morning Star, thus denoting the upward movement.
This combination of candlesticks emerged near 0.8770, where the bulls started to increase their influence and a rollback after downside movement happened. The upward tendency is confirmed by the fact that Morning Star formed near the upper limit of the uptrend (daily chart). This combination of candlesticks offered a good opportunity to open long positions.
The stop orders should be set slightly below 0.9615, as the breakthrough of this mark will indicate the breach of the uptrend.