Reason to trade AUDUSD short: 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 selling opportunities in this pair as long as this pair remains below 1.0585 level. RSI suggest the down 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 weaken further and move towards its next support level which is at 1.0525, so trading in the direction of the trend we recommend to trade short on this pair.
Intraday trading analysis (tips) for AUD/USD 16 June 2011, we recommend, Enter short in AUDUSD below 1.0565 for target of 1.0525 and 1.0475 also place protective stop loss above 1.0585.