Technical analysis AUDUSD for 04.11.2022

Tenkan-sen and Kijun-sen lines are merged. Red is directed upwards, while blue remains horizontal. 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 resistance is the level 0.63290. The closest support is the level 0.62700

Key levels

• 0.64580, 0.63890, 0.63290, 0.62700, 0.62130, 0.61570

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.63290, with Take Profit of 0.63890 and Stop Loss of 0.62950

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.62700, with Take Profit of 0.62130 and Stop Loss of 0.62950