The AUDUSD price forecast update 06-11-2024

Brent oil price broke 75.36$ level strongly to reach 73.90$ level direct, noticing that the price consolidated above this level to start new recovery attempts, to suggest the bullish bias in the upcoming sessions unless breaking the last level and holding below it, supported by stochastic reach to the oversold areas, noting that the waited targets begin at 75.36$ and extend to 76.84$ after breaching the previous level.

Crude oil price faced strong negative pressure to test the key support 70.58$, which forms solid barrier against the negative trades, and as we mentioned this morning, holding above this level keeps the bullish trend scenario active for the upcoming period, and the price needs to breach 72.15$ to confirm heading towards 73.70$ as a next positive station, noting that breaking 70.58$ will push the price to suffer additional losses that reach 68.65$ on the near-term basis.

Silver price declined strongly to surpass our waited target at 31.95$ and approaches the second target at 31.25$, but it attempts to cover these loses to trade positively and head towards potential test to 32.50$ level, noting that holding below this level will keep the bearish trend dominant in the upcoming sessions, to head towards visiting 31.25$ mainly.