Australian shares were set to open higher after Wall Street rose on strong earnings. Equifax and Hasbro were among the companies reporting solid profit results, with other firms adding to the upward move. The local session was also expected to benefit from a firmer Australian dollar, which traded above 70 US cents. Oil prices moved lower after coming close to their highest levels since the war with Iran began. The retreat in crude brought some relief to markets concerned about energy costs. A stronger currency and lower oil prices supported the favorable opening, although individual ASX stocks were still expected to react to their own results.