FX.co ★ AUD/USD candlestick analysis for March 1, 2011

The AUD/USD is bouncing off the resistance level near 1.0200. Earlier the pair has successfully tested the 1.0156 level.
On a 4-hour graph the AUD/USD currency pair has formed Morning Star candlestick combination indicating upside movement.
This candlestick combination formed near the support level 0.9961 where the bulls started to increase their influence and a rebound after downside movement took place. This candlestick combination provided a good opportunity to open long positions.
Break of the resistance level 1.0074-0.9961 will prove this viewpoint. In this case upside movement with a target at 1.0156 should be expected.
It is worth mentioning that stop loss should be placed slightly below 0.9961 as break of this level will target the pair to 0.9825.