Hello, my fellow traders! Here’s my forecast for US Crude, XAUUSD, and EURUSD made using margin zones and classical technical analysis. Based on this analysis, I made a list of entry signals for intraday traders.
Yesterday, oil traders attempted to break through the Gold zone at 71.37 – 71.08.
The article covers the following subjects:
Oil forecast for today: USCrude analysis
Yesterday, oil traders attempted to break through the Gold zone at 71.37 – 71.08 and failed: the US session closed within resistance limits. However, oil continues following a short-term uptrend. If the price consolidates above the Gold zone, the next target will be Target Zone 2, 74.59 – 74.01.
The price is currently correcting and testing the Additional zone 71.34 – 71.20. If level 71.20 isn’t broken, we can open long positions with the first target at around yesterday’s high. If level 71.20 is broken to the downside, there will be a deeper correction targeted at the Intermediary zone 69.88 – 69.59 that serves as the trend limit. If it’s reached, long trades can be opened.
Trading plan for USCrude for today:
- Buy according to the pattern from Additional Zone 71.34 – 71.20. TakeProfit: 72.73. StopLoss: According to pattern rules.
- Buy according to the pattern from Intermediary Zone 69.88 – 69.59. TakeProfit: 72.73, Target zone 2 at 74.59 – 74.01. StopLoss: According to pattern rules.
Gold forecast for today: XAUUSD analysis
There’s a bullish reversal in a short-term downtrend today. The intermediary zone 1782 – 1780 has been broken out. The upper target zone of 1803 – 1799 is a current buying target. The price is currently correcting and approaching the area of profit-making long trades at 1786 – 1780. The first buying target could be today’s high.
If level 1780 is broken to the downside, the correction might continue with a target at the trend’s key support of 1772 – 1771. We can plan long positions with earlier mentioned targets upon reaching the trend’s key support.
Trading plan for XAUUSD for today:
Buy from 1786 – 1780. TakeProfit: 1790, Target zone 1803 – 1799. StopLoss: 1777.
Today’s forecast for the EURUSD: EURUSD analysis
The price broke out level 1.1278 yesterday and updated 30 November’s low. However, the eurousd didn’t reach the target zone and corrected instead. The Additional zone of 1.1275 – 1.1271 was tested in the US trading session yesterday. Today, it’s been broken to the upside.
The price is currently trading in the range between the Intermediary and the Additional zones. The range of 1.1324 – 1.1271 is good for selling the pair. Try to find a reversal pattern and sell the euro in that range. Yesterday’s low will be the first target, and the lower target zone 1.1207 – 1.1189 will be another target.
A breakout of level 1.1324 will develop an alternative buying scenario where we will have another shift to an uptrend, and the upper Target Zone 1.1421 – 1.1403 will be a buying target.
Trading plan for EURUSD for today:
Sell according to the pattern from 1.1324 – 1.1271. TakeProfit: Target zone 1.1206 – 1.1189. 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.