Technical analysis AUDCAD for 22.08.2023

The Tenkan-sen line is located above the Kijun-sen line. Blue is directed downward, while red 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 0.87700. The closest support is the level 0.86150

Key levels

• 0.90320, 0.89010, 0.87700, 0.86150, 0.84850

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.87700, with Take Profit of 0.89010 and Stop Loss of 0.86950

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.86150, with Take Profit of 0.84850 and Stop Loss of 0.86950