Intraday trading / technical analysis on AUD/USD 22 June 2011, we recommend, Enter buy AUDUSD above 1.0575 for target of 1.0625 and 1.0665 also place protective stop loss below 1.0555.
Reason to trade AUDUSD long: The AUDUSD pair is always the first choice 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. So for intraday trading we will be looking for buying opportunities in this pair as long as this pair remains below 1.0555 level. RSI suggest the mixed 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 currently lies at 1.0625, so trading in the direction of the trend we recommend to trade long on AUDUSD pair.