Midday update for the NZDUSD 26-11-2021

The AUDUSD pair shows more bearish bias to test the bearish channel’s support line and approaches the waited target at 0.7100, and it is expected to break this level to open the way to achieve more negative targets that reach 0.7050, to keep the decline valid unless breaching 0.7170 and holding above it.

Brent oil price suffered strong losses to surpass our waited target at 77.70 and heads to achieve more expected decline in the upcoming period, paving the way to head towards 75.20 as a correctional bearish target, noting that breaking 76.20 is required to ease the mission of achieving the mentioned target, while the expected decline will remain valid unless breaching 77.70 and holding above it.

Crude oil price succeeded to achieve our extended target at 73.60 and broke it and attempts to hold below it, to open the way to extend the bearish wave to target 70.85 areas on the near term basis, to keep the bearish trend dominant in the upcoming sessions, taking into consideration that stepping above 73.60 is considered as the initial positive key to start recovery attempts and head towards 76.40 level initially.