Midday update for Wheat price 04-10-2021

The NZDUSD pair shows additional positive trades to head towards potential test to the key resistance 0.6990, and as long as the price is below this level, our bearish overview will remain valid, supported by the negative pressure formed by the EMA50, noting that our first main target is located at 0.6890.

The AUDUSD pair trades positively to attack the bearish channel’s resistance, which urges caution from the upcoming trading, as confirming the breach will stop the recently suggested negative scenario and lead the price to turn to rise, while the price needs to trade below 0.7270 again to resume the decline that targets testing 0.7225 initially.

Brent oil price fluctuates around 79.00 level, and attempts to approach gradually from our first waited target at 79.90, to keep the bullish trend scenario valid and active for today, which its targets extend to 82.00 after surpassing the previous level, noting that holding above 78.55 is important to continue the expected rise.