I welcome my fellow traders! I have made a price forecast for US Crude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
The short-term euro downtrend continued yesterday.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Yesterday, oil corrected strongly and tested the Intermediary Zone 76.96 – 76.70. The Intermediary Zone serves as the short-term uptrend’s key support. At the moment, buyers are holding this zone. So, it is profitable to look for purchases according to the pattern with a target at yesterday’s high.
If the Intermediary Zone is broken out today and the price closes below at the US session, the trend will reverse down. In this case, from tomorrow, sell oil with the target at the Target Zone 74.41 – 73.90.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 76.96 – 76.70. TakeProfit: 77.90, 79.45. StopLoss: according to the pattern rules.
Gold price forecast for today: XAUUSD analysis
Gold is trading between the Target Zone 1767 – 1763 and the Intermediary Zone 1751 – 1749. On the one hand, the price is under pressure from the medium-term downtrend. On the other hand, a short-term uptrend supports the price. You can consider both directions to enter trades.
Since yesterday the traders tested the Intermediary Zone and it was held, the price reached the Target Zone. The Target Zone was also held, so today it is profitable to look for sales in the resistance level of 1765 with the target at level 1747.
In case of a breakout and price consolidation above the Target Zone 1767 – 1763, then the Gold Zone 1786 – 1784 will become a new target for purchases within the short-term trend. In this case, consider long trades above level 1767.
XAUUSD trading ideas for today:
Aggressive: Sell from the level of 1765. TakeProfit: 1747. StopLoss: 1770.
Euro/Dollar forecast for today: EURUSD analysis
The short-term euro downtrend continued yesterday. As a result, the Target Zone 2 1.1557 – 1.1539 was reached. Target zone 2 was held by buyers, so now the price rebounded up.
The euro price is trying to recover at the support level of 1.1565. Then the Additional Zone 1.1577 – 1.1573 will be tested. If the AZ is held by sellers, the fall will continue, and yesterday’s low 1.1537 will serve as a target.
If the Additional Zone is broken out upside, then the correction will continue to the Intermediary Zone 1.1626 – 1.1617. The IZ together with the resistance level of 1.1633 form a single zone of the trend’s key resistance.
EURUSD trading ideas for today:
Sell according to the pattern in Additional Zone 1.1577 – 1.1573. TakeProfit: 1.1537. StopLoss: according to the pattern rules.
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Price chart of EURUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
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