"We have nothing to lose.
"Of course we can beat Australia, why not?
"One good spell, one good innings could change the course of a game. We've got those sort of bowlers, we've got some sort of players that could just do it for Pakistan."
Pakistan were beaten 3-0 in their one-day series against Australia last October in the United Arab Emirates, but dominated the tourists in the following two-test series.
"Yeah, that's another different thing. But it's a totally different ball game," Misbah said, when asked if his team would draw confidence from the red-ball wallopings they dished out.
Towering paceman Mohammad Irfan, who missed the clash with Ireland because of a quad injury, could also be back for Pakistan.
"We are hopeful that he will be OK for the quarter-final," Misbah said.
Ireland captain William Porterfield suggested Pakistan were "definitely" capable of knocking off title favourites Australia.
"Pakistan have won four in a row now, so they've got a bit of momentum. They've got confidence," Porterfield said.
- AAP
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