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Forex: AUD/USD Trading Analysis for 22 June 2011: Buy AUDUSD above 1.0575

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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.

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. Darshan Sharma says

    Sir AUDUSD price is near stop loss level, suggest what to do.???

    Reply

    • Bhaveek Patel says

      Hi Darshan, you should place you stop loss as in the post above and should not change you stop in any point of trade. So let the price action decide not the trader. I hope this is the answer you were looking for.

      Thanks,
      OurNifty.com Team

      Reply

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