Midday update for the NZDUSD 20-05-2020

The AUDUSD pair fluctuates within sideways track since morning, settling around 0.6535, while stochastic attempts to get rid of its negativity to gain the positive momentum on the four hours’ time frame, thus, the bullish trend scenario will remain valid for the upcoming period conditioned by the price stability above 0.6407, noting that we are waiting to breach 0.6595 to open the way to rally towards 0.6685 as a next main station.

Brent oil price started attempts to breach the bullish flag’s resistance that confines the recent trades, reinforcing the expectations of continuing the bullish trend for the rest of the day, waiting for more rise to head towards the positive targets that start at 36.00 and extend to 37.70, reminding you that it is important to hold above 34.00 to continue the expected rise.

Crude oil price breached initial breach to the bullish pennant’s resistance that appears on the chart, which supports the expectations of continuing the main bullish trend, opening the way to head towards our next target at 36.50.