I welcome my fellow traders! I have made a price forecast for US Crude, 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 strengthen within a short-term uptrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Oil continues to strengthen within a short-term uptrend. Now traders are trying to update yesterday’s high. In case of a price consolidation above the beforementioned high level, the next growth target will be Target Zone 2 72.85 – 72.32.
Levels 69.93 – 69.57 and 68.42 – 68.17 serve as strong supports. When updating yesterday’s high, the support zones should be rearranged.
Today, it is reasonable for traders to hold purchases, take a part of the profit at level 70.90 and move trades to the breakeven. Look for new purchases on the correction.
USCrude trading ideas for today:
Hold up purchases. TakeProfit: 70.90, Target Zone 2 72.85 – 72.32. StopLoss: at the breakeven.
Gold price forecast for today: XAUUSD analysis
Despite all the efforts, gold buyers were unable to break out the trend key resistance at 1803 and consolidate the price higher. Now the price is returning under resistance, which indicates that traders should look for gold sales. Wait for a pattern, for example, 1-2-3, to enter sales.
Price consolidation above yesterday’s high is required for purchases. In this case, the short-term trend will reverse up, and the growth target will be the upper Target Zone 1826 – 1821.
XAUUSD trading ideas for today:
Sell according to the pattern in Intermediary Zone 1803 – 1801. TakeProfit: 1784. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The chances of the euro declining within the short-term downtrend are very high. Level 1.1774 and the Target Zone 1.1733 – 1.1715 serve as the targets of the trend. The task of traders is to hold sales entered in the zone of 1.1867 – 1.1858.
An alternative scenario suggests growth during the day and a breakout of the Intermediary Zone 1.1867 – 1.1858. In this case, the trend will reverse up, and the target for purchases will be the upper Target Zone 1.1963 – 1.1946.
EURUSD trading ideas for today:
Hold down sales entered in the zone of 1.1867 – 1.1858. TakeProfit: 1.1774, Target Zone 1.1733 – 1.1715. StopLoss: at the breakeven.
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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 LiteForex. 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.