FX.co ★ The AUD/USD candlestick analysis for 25/10/2010

On a 4-hour chart, the AUD/USD currency pair continues to trade in the uptrend. If the pair breaks through the resistance level of 1.00, then the growth to 1.05 is expected.
Earlier on a 4-hour graph, the AUD/USD had formed the combination of candlesticks Morning Star, thus denoting the uprising movement.
This combination of candlesticks emerged near the mark of 0.8770 where the bulls started to increase their influence and a rollback after the downside movement took place. Since Morning Star formed near the lower limit of the uptrend (daily chart) comes in favor of the uprising movement. This combination of candlesticks provided a good opportunity to open long positions.
The stop orders should be set slightly below 0.9657, as the breakthrough of this mark will demote the breakout of the uptrend.