Technical analysis AUDCAD for 09.08.2023

The Tenkan-sen line is located above the Kijun-sen line. Blue is directed upwards, while red remains horizontal. Confirmatory line Chikou Span is above 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 0.88580. The closest support is the level 0.87160

Key levels

• 0.90510, 0.89560, 0.88580, 0.87160, 0.85990

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88580, with Take Profit of 0.89560 and Stop Loss of 0.87870

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.87160, with Take Profit of 0.85990 and Stop Loss of 0.87870