Technical analysis AUDCAD for 31.07.2023

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 resistance is the level 0.88910. The closest support is the level 0.87490

Key levels

• 0.90500, 0.89720, 0.88910, 0.87490, 0.86430

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88910, with Take Profit of 0.89720 and Stop Loss of 0.88160

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.87490, with Take Profit of 0.86430 and Stop Loss of 0.88160