The 86th Annual Academy Awards red carpet has been rolled out and A-list stars of Hollywood are prepping their thank you speeches for Tinseltown's most glamorous night for movies. All eyes are on Sunday's award night as the stars walk on the red carpet especially the power couples who will be receiving or presenting the awards for the 2014 Oscars.

From presenters to nominees to performers to audience member, the red carpet is the venue for stars to be scrutinized for what they're wearing down and how they're wearing it. Tonight celebrities will be judged on the clothes they're wearing and the stylist behind the fabulous ensemble. After tonight, all who walked the red carpet will be in the Best Dressed or Worst Dressed list as part of the 2014 Oscar celebration.

Two of the E! Fashion Police Kelly Osbourne and Giuliana Rancic are this year's correspondents for the red carpet updates, who's hot and who's not for the 2014 Oscars. With umbrellas over their heads and the rain pouring outside the Dolby Theater, the two hosts kicked off the 2014 Academy Awards Red Carpet countdown.

Rancic dazzles the red carpet with her Paolo Sebastian gown and Sergio Rossi heels and to complete the effect, Forevermark Diamonds jewelry. Kelly is wearing Badgley Mischka dress and accessorize it with Judith Leiber bag, Solange from LoveGod jewelry and finished it off with Aldo shoes.

Viola Davis arrived on the red carpet in Escada, while Johnny Weir and Tara Lipinski arrived together with their white ensemble. Portia de Rossi is looking lovely with her pixie do and her form-fitting cream, embroidered Naeem Khan gown as she walks the red carpet to support her partner Ellen DeGeneres who will be hosting the Oscars for the second time around.

Australian actress Naomi Watts is staying true for tonight's theme in her shimmering white. The actress is wearing Calvin Klein as she walks alone on the red carpet while her partner Liev Schreiber is at home with the kids.

Matthew McConaughey who dropped 51lb to play Ron Woodruff in "Dallas Buyers Club" is one of the favourite for Oscars Best Actor category. Co-star Jared Leto who won the Best Supporting Actor award in Golden Globes for brilliantly playing an HIV-positive transgender woman is making a lot of waves for this year's Academy Awards.

Check out the slideshow to see the couples who graced the Oscar Awards Red Carpet.

Singer Pharrell WIlliams arrives with wife Helen Lasichanh at the 86th Academy Awards in Hollywood
Singer Pharrell WIlliams arrives with wife Helen Lasichanh at the 86th Academy Awards in Hollywood, California March 2, 2014. REUTERS/Lucas Jackson
Singer Pharrell WIlliams, wearing a Lanvin suit with shorts, arrives with wife, Helen Lasichanh, at the 86th Academy Awards in Hollywood
Singer Pharrell WIlliams, wearing a Lanvin suit with shorts, arrives with wife, Helen Lasichanh, at the 86th Academy Awards in Hollywood, California March 2, 2014. REUTERS/Lucas Jackson
Bruce Willis and Wife at 2014 Oscars
Actor Bruce Willis and his wife Emma Heming arrive at the 2014 Vanity Fair Oscars Party in West Hollywood DANNY MOLOSHOK
Goldie Hawn and Kurt Russell
Actors Goldie Hawn and Kurt Russell arrive at the 86th Academy Awards in Hollywood LUCAS JACKSON
Actor McConaughey and his wife Camila
Actor McConaughey and his wife Camila arrive at the 86th Academy Awards in Hollywood LUCAS JACKSON
Brad Pitt and Angelina Jolie
Actors Brad Pitt and Angelina Jolie, wearing a silver Elie Saab gown, arrive at the 86th Academy Awards in Hollywood MIKE BLAKE
Chris Hemsworth and wife Elsa Pataky
Actor Chris Hemsworth and wife Elsa Pataky arrive at the 86th Academy Awards in Hollywood LUCAS JACKSON
Diamonds Hollywood The Oscars