FX.co ★ AUD/USD Candlestick Analysis for August 30, 2010

AUD/USD is making a reverse after a strong uprise. However, breaking through 0.8980 and Fibonacci correctional level of 50.0 denotes that AUD/USD has targeted to 0.9083.
Earlier on a 4-hour chart the AUD/USD pair has formed a combination of candlesticks Morning Star thus signaling an ascending movement.
This combination of candlesticks has developed around 0.8770 where the bulls are strengthening and a recoil after a decrease occurred. The upturn is also supported by that Morning Star is positioned near the lower border of the escalating trend.
Passing 0.8890 and Fibonacci correctional level of 23.6 confirms the viewpoint.
It is recommended to place stop orders slightly below 0.8770 as breaking through this mark will illustrate the puncture of the uprising trend.