Technical analysis AUDCAD for 16.08.2023
Intraday
Technical
The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart
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
Scenario
Recommendation
BUY STOP
Entry Point
0.88000
Take Profit
0.89020
Stop Loss
0.87130
Key Levels
0.89990, 0.89020, 0.88000, 0.86100, 0.84980
Alternative scenario
Recommendation
SELL STOP
Entry Point
0.86100
Take Profit
0.84980
Stop Loss
0.87130
Author
Nikolai Krishtopov
Market Analyst & Marketing Manager, Investizo
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.