Short-term analysis for oil, gold, and EURUSD for 17.08.2022

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.

The short-term oil downtrend continued yesterday.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The short-term oil downtrend continued yesterday. As a result, the Target Zone 85.70 – 84.84 was reached. After that, the price corrected.

A possible correction target is the test of the Additional Zone 87.74 – 87.52. After its test, look for a sell pattern. When it appears, open a short trade with the target at yesterday’s low.

If the Additional Zone is broken out upside, the correction will continue with the target in the Intermediary Zone 90.10 – 89.67, which serves as the trend key resistance.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 87.74 – 87.52. TakeProfit: 85.46. StopLoss: according to the pattern rules.

  2. Sell according to the pattern in Intermediary Zone 90.10 – 89.67. TakeProfit: 85.46. StopLoss: according to the pattern rules.


Gold price forecast for today: XAUUSD analysis

Gold continues to trade in a short-term uptrend. Traders tested the key support 1775 – 1772 for two days in a row, but eventually failed to break out the zone. Therefore, searching for purchases according to the pattern is of primary importance today. The target for purchases will be August 10 high.

If the Intermediary Zone is broken out downside during trading, the trend will reverse down. In this case, open sales with the target in the lower Target Zone 1742 – 1736.

XAUUSD trading ideas for today:

Buy according to the pattern in Intermediary Zone 1775 – 1772. TakeProfit: 1807. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

The euro is trading in a short-term downtrend. Yesterday, the price reached another local low. Traders also tried to break out the Target Zone 1.0156 – 1.0135, but the first attempt was unsuccessful. As a result, the price corrected in the Additional Zone 1.0180 – 1.0175.

The Additional Zone serves as a strong resistance level, in which it is possible to search for sales according to the pattern with a target at yesterday’s low. If the AZ is broken out upside during the trading session, the correction will continue up to the Intermediary Zone 1.0239 – 1.0228.

EURUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1.0180 – 1.0175. TakeProfit: 1.0124. StopLoss: according to the pattern rules.

  2. Sell according to the pattern in Intermediary Zone 1.0239 – 1.0228. TakeProfit: 1.0124. 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.

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