FX.co ★ AUD/USD candlestick analysis for April 6, 2011

The AUD/USD currency pair showed a slight growth after a false break of 1.0300 support level.
Earlier in a 4-hour graph AUD/USD formed a Three White Soldiers candlestick combination that indicates an upside movement, as it was confirmed later.
This combination formed amid a growth after an attempt to break the support level of 0.9700; afterwards the bulls started to increase their influence. This candlestick combination provided a good opportunity to open long positions.
Besides, the AUD/USD broke the 61.8 Fibonacci correction level. Break of the 1.0350 resistance level targeted the pair to 1.0400.
It is worth mentioning that stop loss should be placed slightly below the support level 1.0300, since its break will allow the pair to decline to 1.0200.