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. 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