FX.co ★ AUD/USD candlestick analysis for March 2, 2011

The AUD/USD is making a strong rollback off the resistance level near 1.0200. Earlier the pair has successfully tested the 1.0156 level.
On a 4-hour graph the AUD/USD currency pair has formed Morning Star candlestick combination indicating upside movement.
This candlestick combination formed near the support level 0.9961 where the bulls started to increase their influence and a rebound after downside movement took place. This candlestick combination provided a good opportunity to open long positions.
Break of the resistance level 1.0074-0.9961 proved this viewpoint. Now upside movement with a target at 1.0200 should be expected. If the 1.0200 is successfully tested an advance to 1.0255 should be expected.
It is worth mentioning that stop loss should be placed slightly below 0.9961 as break of this level will target the pair to 0.9825.