Intraday trading analysis (tips) for AUD/USD 1 June 2011, we recommend, Enter long in AUDUSD above 1.0725 for target of 1.0765 and 1.0795 also place protective stop loss below 1.0705.
Reason to trade AUDUSD long: The AUDUSD pair has always attracted the investors for the carry trade as the interest rates are very high in Australian economy. For long term we are always looking for buying opportunity in this pair as long it stays above 1.00 level. But for intraday trading we will be looking for buying opportunities in this pair as long as this pair remains above 1.0685 level. Also we will start buying in this pair once it we confirm the resume of its long term uptrend. RSI suggest the up move and is in favor of the trade on 4 hour chart, trade cautiously with tight stop loss. From current level we see the pair to strengthen further and move towards its next resistance level which is at 1.0765, so trading in the direction of the trend we recommend to trade long on this pair.