Technical analysis AUDCAD for 02.08.2023

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 0.88310. The closest support is the level 0.87480

Key levels

• 0.89290, 0.88660, 0.88310, 0.87480, 0.86820, 0.86210

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88310, with Take Profit of 0.88660 and Stop Loss of 0.88900

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.87480, with Take Profit of 0.86820 and Stop Loss of 0.88900