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 to trade in a downward correction.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is approaching the support (A) 75.45 – 75.12 while trading in a downward correction within the short-term uptrend.
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XAUUSD: gold is maintaining a downward correction. The target is likely at the support (A) 2429 – 2424.
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EURUSD: the euro has reached the second bullish target near 1.1008 and hit the Target Zone 1.1054 – 1.1029. Now, the price is trading in a correction.
Oil price forecast for today: USCrude analysis
Oil is maintaining its downward correction and approaching the strong support (A) 75.45 – 75.12. Once the price reaches this zone, consider long trades according to the pattern, with the first target of 76.94 and the second one of 78.75. If the asset breaks through the support (A) today, the correction will continue to the support (B) 73.80 – 73.30, the short-term uptrend’s boundary. Therefore, long trades can be considered near this zone.
The price should breach and consolidate below the 73.30 level to allow traders to reverse the trend and open short trades.
USCrude price forecast for today:
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Buy according to the pattern at support (A) 75.45 – 75.12. TakeProfit: 76.94, 78.75. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 73.80 – 73.30. TakeProfit: 78.75. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is trading in a downward correction within the short-term uptrend. The correction target is likely the support (A) 2426 – 2421. After reaching this zone, one may consider long trades with the first target of 2452 and the second target at yesterday’s high of 2479.
If the price breaks through the support (A) today, the correction will continue to the support (B) 2404 – 2397, the trend’s boundary. Consider long trades in this zone.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2429 – 2424. TakeProfit: 2452, 2479. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 2404 – 2397. TakeProfit: 2479. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro continued its uptrend. As a result, the price has reached the second bullish target of 1.1008. The asset failed to breach the upper Target Zone of 1.1054 – 1.1029, and a downward correction started.
If the correction continues today, the price may test the support (A) 1.0963 – 1.0955. After that, consider long trades with the target at yesterday’s high.
If the euro reaches above yesterday’s high today, the price will try to break through the Target Zone. If so, the asset will grow to the Gold Zone 1.1121 – 1.1113.
EURUSD trading ideas for today:
Buy according to the pattern at support (A) 1.0963 – 1.0955. TakeProfit: 1.1045. StopLoss: according to the pattern rules.
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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.