FX.co ★ The candlestick analysis of the AUD/USD for 01/06/2010

Today, long positions should be closed as the bears outnumbered the bulls after AUD/USD had not managed to break out the mark of 0.8850. In addition, the support level of 0.8383 was broken.
Earlier, on a 4-hour chart the AUD/USD currency pair had formed “Morning Star” candlestick on the descendant trend, being a bullish signal, which was confirmed thereafter.
This combination of candlesticks formed after the pair had made a solid downward move to 0.8066 where the bears had not been able to fixate and the bulls had won, causing a pullback.