Intraday trading analysis (tips) for AUD/USD 20 April 2011, we recommend, Enter long in AUD/USD above 1.0595 for target of 1.0675 and 1.0695 also place protective stop loss below 1.0565.
Reason to trade long: AUD is on strong uptrend and we see a buying opportunity on AUS. Today AUD/USD has given a very positive breakout, making new high to break past 20 year high. 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 1.695, so trading in the direction of the trend we recommend to trade long on this pair.