Technical analysis AUDNZD for 12.05.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are 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 support is the level 1.06275. The closest resistance is the level 1.06450

Key levels

• 1.06850, 1.06625, 1.06450, 1.06275, 1.06075

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.06275, with Take Profit of 1.06075 and Stop Loss of 1.06450

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.06450, with Take Profit of 1.06625 and Stop Loss of 1.06275