The AUDUSD declines again – Analysis - 19-03-2021

Brent oil price declined sharply yesterday to surpass our waited target at 65.80 and touched 61.45, to notice that the price is retracing the entire bullish wave from 35.71 to 71.35, thus, we expect the continuation of the bearish trend domination in the upcoming sessions, noting that breaking 62.94 will confirm opening the way to head towards 60.20 followed by 57.75 levels as next negative targets.

Crude oil price continued the strong decline to touch our extended negative target at 59.20, noticing that the price closed the daily candlestick below 23.6% Fibonacci correction level for the rise measured from 33.61 to 67.95, which hints the price head to achieve more bearish correction on the longer term basis, as the next main target is located at 54.85.

Silver price’s recent trades are confined within rising wedge that its signs appear on the chart, attempting to break it support line now, which support the chances of continuing the expected negative scenario for the upcoming period, which targets 25.50 followed by 24.55 levels as next main stations.