Technical analysis AUDCAD for 03.07.2023

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 descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 0.89120. The closest support is the level 0.87940

Key levels

• 0.90590, 0.89860, 0.89120, 0.87940, 0.87220

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.89120, with Take Profit of 0.89860 and Stop Loss of 0.88600

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.87940, with Take Profit of 0.87220 and Stop Loss of 0.88600