Technical analysis AUDCAD for 02.08.2023
The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart
The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains 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 0.88310. The closest support is the level 0.87480
Key levels
- 0.89290, 0.88660, 0.88310, 0.87480, 0.86820, 0.86210
Trading scenario
- Recommended opening long positions (Buy Stop) from the level of 0.88310, with Take Profit of 0.88660 and Stop Loss of 0.88900
Alternative scenario
- Recommended opening short positions (Sell Stop) from the level of 0.87480, with Take Profit of 0.86820 and Stop Loss of 0.88900
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.