FX.co ★ The AUD/USD candlestick analysis for 19/10/2010

At a 4-hour graph, the AUD/USD currency pair continued to roll back after it had reached the parity level. It is expected in a short-term the currency pair will consolidate. If the pair breaches the resistance level of 1.00, then the growth to 1.05 is expected.
Earlier on a 4-hour chart, The AUD/USD had formed the combination of candlesticks Morning Star, thus indicating the uprising movement.
This combination of candlesticks had formed near 0.8770, where the bulls started to increase their influence and a rollback after downwards motion happened. The uptrend is confirmed by the fact that Morning Star emerged near the lower limit of the uptrend (daily chart). This combination of candlesticks provided a good opportunity to open long positions.
The stop orders should be set slightly below 0.9615, as the breakthrough of this mark will denote the breach of the uptrend.