I welcome my fellow traders! I have made a price forecast for the USCrude, 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.
Oil continues its corrective growth.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is correcting upward after hitting the Target Zone 68.92 – 68.02. The potential correction’s target is the resistance (A) 71.45 – 71.15.
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XAUUSD: gold is trying to break through the Target Zone 2740 – 2729 within a short-term uptrend.
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EURUSD: the euro continues to trade in a short-term downtrend. One may consider short trades on a correction.
Oil price forecast for today: USCrude analysis
Oil continues its upward correction after hitting the Target Zone 68.92 – 68.02. The probable growth target is the resistance (A) 71.45 – 71.15. Once this zone is reached, consider short trades with the first target of 69.79 and the second one at the October 18 low near 68.13.
USCrude trading ideas for today:
Sell at resistance (A) 71.45 – 71.15. TakeProfit: 69.79, 68.13. StopLoss: 72.10.
Gold forecast for today: XAUUSD analysis
Yesterday, gold reached the Target Zone 2740 – 2729 but failed to pierce it. Today, the price is trying to break through the Target Zone again. If the breakout occurs, the next bullish target will be the Gold Zone 2789 – 2784. If not, a downward correction may unfold.
The price may fall to the strong support (A) 2685 – 2680 or support (B) 2658 – 2649 during the correction. Once these zones are tested, consider long trades within the trend.
XAUUSD trading ideas for today:
Buy at support (A) 2685 – 2680. TakeProfit: 2710, 2740. StopLoss: 2668.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro maintained its short-term downtrend and hit the October 17 low. If the decline continues, the asset will reach the Target Zone 1.0794 – 1.0777.
If an upward correction starts from current prices, the quotes may test the resistance (A) 1.0916 – 1.0907. Once this zone is tested, consider short trades with the first target of 1.0863 and the second one of 1.0811.
EURUSD trading ideas for today:
Sell at resistance (A) 1.0916 – 1.0907. TakeProfit: 1.0863, 1.0811. StopLoss: 1.0935.
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Price chart of USCRUDE in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. 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.