Technical analysis AUDCAD for 20.07.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 0.88525. The closest resistance is the level 0.88870

Key levels

• 0.89800, 0.89350, 0.88870, 0.88525, 0.87975

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88870, with Take Profit of 0.89350 and Stop Loss of 0.88525

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.88525, with Take Profit of 0.87975 and Stop Loss of 0.88870