Wheat price managed to surpass our first waited target at 696.80 and holds below it, reinforcing the expectations of extending the correctional bearish wave, which targets 676.60 as a next main station.
The bearish channel supports the expectations to continue the bearish trend on the intraday and short term basis, noting that the expected decline requires holding below 696.80 and 704.50 levels.
The expected trading range for today is between 680.00 support and 700.00 resistance.
The expected trend for today: Bearish
The NZDUSD pair declined again after attempting to breach 0.7030 level yesterday, to touch our first waited target at 0.6990, and we expect to break this level to open the way to visit 0.6945 as a next correctional target.
Therefore, the negative scenario will remain dominant in the upcoming sessions unless the price rallied to breach 0.7084 and hold above it.
The expected trading range for today is between 0.6960 support and 0.7060 resistance
The expected trend for today: Bearish
The AUDUSD pair returned to test 0.7225 support line in attempt to break it, waiting to break this level to confirm rallying towards 0.7100 that represents our next main target.
The bearish channel organizes the suggested bearish wave, which will remain valid conditioned by the price stability below 0.7290.
The expected trading range for today is between 0.7180 support and 0.7290 resistance
The expected trend for today: Bearish
Brent oil price begins today’s trading with clear bullish rally after turning back to the bullish channel that appears on the chart, to keep the main bullish trend scenario valid and active for the upcoming period, supported by the EMA50, waiting to visit 77.80 as a next main target.
Note that the continuation of the bullish wave requires holding above 74.70 and 74.05 levels, as breaking them will put the price under negative pressure that its targets begin by testing 72.75 areas.
The expected trading range for today is between 74.00 support and 77.00 resistance.
The expected trend for today: Bullish