Technical analysis AUDUSD for 08.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 0.6960. The closest resistance is the level 0.6860

Key levels

• 0.7070, 0.7025, 0.6990, 0.6960, 0.6915, 0.6860, 0.6805

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 0.6860 and Stop Loss of 0.6960

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 0.6960, with Take Profit of 0.7025 and Stop Loss of 0.6915