FX.co ★ AUD/USD candlestick analysis for March 4, 2011

The AUD/USD has found a strong support near the 1.0080 level; however, upside movement was limited by the resistance level near 1.0200.
Earlier 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 will prove this viewpoint. Now upside movement with a target at 1.0200 should be expected. If the 1.0200 level is tested successfully, a growth to 1.0255 should follow.
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.