FX.co ★ The candlestick analysis of AUD/USD for 15/06/2010

Earlier, on a 4-hour chart, the AUD/USD currency pair has developed “Shooting Star” candle, which is a signal for descendant motion. Also, this candle was formed close to solid resistance level of 0.8692, where the bears started to increase their influence and a rollback took place after rising movement. The formation of this candle gave a good opportunity to open short positions.
It is predicted that the pair will be able to fall to 0.8422, where Fibonacci correction level of 38.2 is also placed. If this level is broken, AUD/USD will take aim at Fibonacci correction level of 61.8. On the other hand, if the resistance level of 0.8692 is broken out, then short positions should be closed.