Hello, my fellow traders! Here’s my forecast for US Crude, XAUUSD, and EURUSD that I made using margin zones and classical technical analysis. Based on this analysis, I made a list of entry signals for intraday traders.
The gold price used downward momentum and reached the Gold zone 1764 – 1762 on non-farms last Friday.
The article covers the following subjects:
Oil Forecast for today: USCrude analysis
Oil quotes reached the Gold zone of 65.70 – 65.43 yesterday. There was heavy selling, and the price then corrected. Today, the first strong resistance — Additional Zone 66.50 – 66.38 — was broken out. Thus, the price is attempting to retest the next strong resistance, Additional Zone 68.02 – 67.75.
Once the Additional Zone is reached, consider selling according to the pattern as the short-term trend remains downward. The Gold zone will be a selling target.
Trading plan for USCrude for today:
Sell according to the pattern from Additional Zone 68.02 – 67.75. TakeProfit: 65.30. StopLoss: According to pattern rules
Gold forecast for today: XAUUSD analysis
Gold continues following a short-term uptrend that started yesterday. The price also corrected to Intermediary zone 1730 – 1727 yesterday. As the price managed to settle in the zone, consider buying near that support level. The Gold Zone 1755 – 1753 will be a buying target.
Alternative scenario: a breakout of the Intermediary zone and price movement to the lower Target zone of 1707 – 1703. In that case, the trend will turn down.
Trading plan for XAUUSD for today:
Buy near the Intermediary zone 1730 – 1727. TakeProfit: Gold zone 1755 – 1753. StopLoss: 1722.
Today’s forecast for the EURUSD: EURUSD analysis
The euro reached its main selling target within a short-term downtrend — the lower Target zone 1.1732 – 1.1715. Next, the trend will depend on whether or not sellers can break through support and settle underneath. If they can, consider new sales with a target in the Gold zone 1.1644 – 1.1635.
The EURUSD might correct today. If correction occurs, expect the price to reach the following strong resistance levels: Additional zone 1.1780 – 1.1776 and Intermediary zone 1.1828 – 1.1820. New short positions can be opened from those levels with a target set at the day’s lowest.
Trading plan for EURUSD for today:
- Sell according to the pattern from Additional Zone 1.1780 – 1.1776. TakeProfit: 1.1732. StopLoss: According to pattern rules
- Sell according to the pattern from Intermediary Zone 1.1828 – 1.1820. TakeProfit: 1.1732. StopLoss: According to pattern rules
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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
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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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