FX.co ★ AUD/USD candlestick analysis for April 20, 2011

The AUD/USD currency pair is testing the resistance level 1.0600. If it is broken, we should expect a growth to 1.0650.
Earlier on a 4-hour graph the AUD/USD formed a Three White Soldiers candlestick combination that indicates upside movement, confirmed further.
This combination formed amid a growth after an attempt to break the support level 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 1.0500 resistance level targeted the pair to 1.0600.
As mentioned before, if the support level 1.0400 is broken, long positions should be closed as it will cause a decline to 1.0300.