Technical analysis AUDCAD for 16.08.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are 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 0.88000. The closest support is the level 0.86100

Key levels

• 0.89990, 0.89020, 0.88000, 0.86100, 0.84980

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88000, with Take Profit of 0.89020 and Stop Loss of 0.87130

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.86100, with Take Profit of 0.84980 and Stop Loss of 0.87130