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.
Oil’s short-term trend remains upward as of Tuesday morning.
The article covers the following subjects:
Oil forecast for today: USCrude analysis
Oil’s short-term trend remains upward as of Tuesday morning, with oil trading above the trend key support of 70.23 – 69.94. Resistance at 73.08 is a buying target. So, today’s most optimum working plan would be looking for a pattern to go long.
To sell oil and reverse the trend, traders have to break through the level of 69.94 and consolidate below. In that case, the lower Target Zone 67.31 – 66.72 will be a selling target, and we’ll be searching for a pattern to sell.
Trading plan for USCrude for today:
Buy according to the pattern from Intermediary Zone 70.23 – 69.94. TakeProfit: 73.08, Target Zone 2 at 74.59 – 74.01. StopLoss: according to pattern rules.
Gold forecast for today: XAUUSD analysis
Market participants continue holding up resistance at 1790 – 1788. Gold remains likely to drop. The selling target will be level 1770. If 10 December’s low is updated, the fall may continue. In that case, the selling target will be the lower Target Zone 1755 – 1751.
To go long, traders need to break the resistance level of 1792. In that case, the buying target will be the upper Target Zone 1803 – 1799.
Trading plan for XAUUSD for today:
Sell aggressively according to the pattern from Intermediary Zone 1790 – 1788. TakeProfit: 1770. StopLoss: according to pattern rules.
Today’s forecast for the EURUSD: EURUSD analysis
Euro traders are trying to break through the short-term uptrend’s key support at 1.1266 – 1.1258. If they succeed and the price settles below, the short-term trend will reverse down. The selling target will then be the lower Target Zone 1.1178 – 1.1161.
As long as the key support isn’t broken, search for a pattern to buy with the first target around level 1.1350. Traders need to break through yesterday’s high of the US trading session to open long positions. The “1-2-3” pattern will then form.
Trading plan for EURUSD for today:
Buy according to the pattern from Intermediary Zone 1.1266 – 1.1258. TakeProfit: 1.1350. StopLoss: according to 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.