Intraday trading analysis (tips) for AUD/USD 4 April 2011, we recommend, Enter long in AUD/USD above 1.0335 for target of 1.0375 and 1.0395 also place protective stop loss below 1.0315.
Reason to trade long: AUD was on uptrend and we see a buying opportunity on AUS. USD has been showing some major weakness and is more likely to continue the current downtrend to test its support level. RSI support the up move and is in favor of the trade on daily chart. So we can see the pair to strengthen further and move towards its next resistance level which is at 1.395, so trading in the direction of the trend we recommend to trade long on this pair.