FX.co ★ AUD/USD candlestick analysis for 28/09/2010

On 4-hour chart, the AUD/USD currency pair reached a fresh 26-month high. The market says that the mark of 0.9700 is a short-term target for this pair. Earlier on 4-hour chart the AUD/USD has formed the combination of candlesticks Morning Star, thus signaling the upward movement.
This combination of candlesticks formed near 0.8770, where the bulls started to increase their influence and a rollback after downside movement happened. The increase is also shown by that the Morning Star shaped near the lower limit of upward trend (daily chart). This combination of candlesticks provided a good opportunity to open long positions.
It is recommended to set the stop-orders slightly below 0.9328 as the breakthrough of this mark will denote that the upward trend is breached.