FX.co ★ AUD/USD candlestick analysis for April 26, 2011

The AUD/USD currency pair is rolling back slightly after it could not break the resistance near 1.0780. Nevertheless, the pair might test the resistance at 1.0800 in the nearest time. If it is broken we should expect an upside movement to 1.0900.
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 1.0439 is broken, long positions should be closed as it will cause a decline to 1.0300.