FX.co ★ AUD/USD candlestick analysis for April 5, 2011

The AUD/USD currency pair paused after strong growth and refreshing all-time highs.
Earlier 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 1.0350 resistance level targeted the pair to 1.0400.
It is worth mentioning that stop loss should be placed slightly below the support level 1.0300, since its break will allow the pair to decline to 1.0200.