Technical analysis AUDCAD for 06.09.2023
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 0.87730. The closest support is the level 0.86460
Key levels
- 0.89700, 0.88740, 0.87730, 0.86460, 0.85320
Trading scenario
- Recommended opening long positions (Buy Stop) from the level of 0.87730, with Take Profit of 0.88740 and Stop Loss of 0.87110
Alternative scenario
- Recommended opening short positions (Sell Stop) from the level of 0.86460, with Take Profit of 0.85320 and Stop Loss of 0.87110
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.