In a multiorbital model of the cuprate high-temperature superconductors soft antiferromagnetic (AF) modes are assumed to reconstruct the Fermi surface to form nodal pockets. The subsequent charge ordering transition leads to a phase with a spatially modulated transfer of charge between neighboring oxygen p_x and p_y orbitals and also weak modulations of the charge density on the copper d_{x^2-y^2} orbitals. As a prime result of the AF Fermi surface reconstruction, the wavevectors of the charge modulations are oriented along the crystalline axes with a periodicity that agrees quantitatively with experiments. This resolves a discrepancy between experiments, which find axial order, and previous theoretical calculations, which find modulation wavevectors along the Brillouin zone (BZ) diagonal. The axial order is stabilized by hopping processes via the Cu4s orbital, which is commonly not included in model analyses of cuprate superconductors.
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