Technical analysis AUDCHF for 04.08.2023

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 support is the level 0.57100. The closest resistance is the level 0.57475

Key levels

• 0.58125, 0.57750, 0.54475, 0.57100, 0.56800

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 0.57475, with Take Profit of 0.57100 and Stop Loss of 0.57750

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 0.57750, with Take Profit of 0.58125 and Stop Loss of 0.57475