Technical analysis AUDCAD for 04.08.2023

The Tenkan-sen line is located below the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is below 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 0.88570. The closest support is the level 0.87160

Key levels

• 0.91010, 0.89800, 0.88570, 0.87160, 0.85970

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88570, with Take Profit of 0.89800 and Stop Loss of 0.87800

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.87160, with Take Profit of 0.85970 and Stop Loss of 0.87800