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.
The euro is growing within a short-term uptrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is trading in a downward correction. The target of the correction is likely the support (A) 75.45 – 75.12.
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XAUUSD: gold is trading in a short-term uptrend. Long trades can be opened once a correction to strong support levels emerges.
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EURUSD: the euro is approaching the August high of 1.1008. If the price consolidates above this level, the next bullish target will be the upper Target Zone of 1.1054 – 1.1029.
Oil price forecast for today: USCrude analysis
Oil is trading in a downward correction within a short-term uptrend. The target of the correction is likely the support (A) 75.45 – 75.12. After testing this zone, one may consider long trades according to the pattern, with the main target near the August 12 high.
If the asset does not reach the support (A) and the growth continues, the price will try to break through the upper Target Zone 79.70 – 78.92. If so, the next bullish target will be the Gold Zone 82.55 – 82.22.
USCrude price forecast for today:
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Buy according to the pattern at support (A) 75.45 – 75.12. TakeProfit: 78.70. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 73.80 – 73.30. TakeProfit: 78.70. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is growing within a short-term uptrend. The main bullish target is the upper Target Zone 2529 – 2514. Consider long trades on a correction at the strong support (A) 2426 – 2421 and support (B) 2401 – 2394. Once the price reaches this zone and a bullish pattern appears, one may consider new purchases.
The asset should breach and consolidate below the 2394 level to allow traders to open short positions and reverse the trend.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2426 – 2421. TakeProfit: 2476. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 2401 – 2394. TakeProfit: 2476. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro maintained its short-term uptrend yesterday. Today, the price is also growing and approaching the August 5 high near 1.1008. If the price consolidates above this level, the Target Zone of 1.1054 – 1.1029 will become the next bullish target. If the price breaks through the Target Zone, the euro may climb to the Gold Zone 1.1121 – 1.1113.
Therefore, consider holding long trades until the price reaches the second target near 1.1008. After that, one may close all the trades and monitor the market situation.
EURUSD trading ideas for today:
Hold up long trades opened at support (B) 1.0882 – 1.0870. TakeProfit: 1.1008. StopLoss: at the breakeven.
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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 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.