Technical analysis AUDCHF for 19.07.2023

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, 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 support is the level 0.58250. The closest resistance is the level 0.58500

Key levels

• 0.58925, 0.58700, 0.58500, 0.58250, 0.57975

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 0.58500, with Take Profit of 0.58250 and Stop Loss of 0.58700

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 0.58700, with Take Profit of 0.58925 and Stop Loss of 0.58500