Intraday trading analysis (tips) for AUD/USD 16 May 2011, we recommend, Enter short in AUD/USD below 1.0585 for target of 1.0545 and 1.0515 also place protective stop loss above 1.0605.
Reason to trade short: USD has been trading strongly and has now picked strong momentum for near term trading prospective. So for intraday trading we will be looking for selling opportunities in this pair as long as this pair remains below 1.0666 level. AUD/USD pair has been making the series of lower high and lower low suggesting the strong trending market. Also we will start buying in this pair once it resumes its uptrend. RSI support the down move and is in favor of the trade on 4 hour chart, however RSI is loosing the strength, so 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 1.0515, so trading in the direction of the trend we recommend to trade short on this pair. Also the same bias remains for the short term trading view.
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