Intraday trading analysis (tips) for AUD/USD 29 April 2011, we recommend, Enter long in AUD/USD above 1.0875 for target of 1.0915 and 1.0945 also place protective stop loss below 1.0855.
Reason to trade long: AUD was on uptrend and we see a buying opportunity on AUS. Yesterday AUD/USD has given a very positive breakout, making new high to break past 28 year high. RSI support the up move and is in favor of the trade on 4 hour chart. So we see the pair to strengthen further and move towards its next resistance level which is at 1.0945, so trading in the direction of the trend we recommend to trade long on this pair. Also the interst rate difference in this currency pair attracts the buyers in Australian dollar.