FX.co ★ The AUD/USD candlestick analysis for 06/10/2010

On a 4-hour chart, the AUD/USD currency pair again moves up to 26-month high.
Earlier on a 4-hour chart, the AUD/USD has formed the combination of candlesticks Morning Star, thus denoting the uptrend. This combination of candlesticks formed near the mark of 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 has formed near the lower limit of uptrend (daily chart). This combination of candlesticks provided a good opportunity to open long positions.
It is recommended to set the stop orders slightly below 0.9450, as the breach of this mark will denote the breakthrough of uptrend.