On a 4-hour chart, AUD/USD currency pair rolls back from new 26-month high. Nevertheless, the viewpoint on the currency pair remains bearish as AUD/USD continues to trade in uptrend. Earlier on a 4-hour chart, AUD/USD has formed the combination of candlesticks Morning Star thus signaling the uprising movement.
This combination of candlesticks has formed near 0.8770 where the bulls started to increase their influence and the rollback after downward movement happened. The uptrend is confirmed by the fact that Morning Star is near the lower limit of uprising movement (daily chart). This combination of candlesticks provided a good opportunity to open long positions.
The stop orders should be set slightly below 0.9450 as the breakthrough of this mark will denote that the uptrend is breached.