FX.co ★ AUD/USD candlestick analysis for March 23, 2011

The AUD/USD currency pair took a pause after a strong upside movement and declined to the 1.0070, which was not broken yet.
Earler on a 4-hour graph the AUD/USD formed a Three White Soldiers candlestick combination that indicates upside movement, confirmed further.
This combination formed amid a growth after an attempt to break the support level 0.9700; afterwards the bulls started to increase their influence. This candlestick combination provided a good opportunity to open long positions.
Besides, the AUD/USD broke the 61.8 Fibonacci correction level. Break of the 1.0070 resistance level will target the pair to 1.0200.
It is worth mentioning that stop loss should be placed slightly above the support level 0.9894, since its break will allow the pair to decline to 0.9700.