Short-term analysis for oil, gold, and EURUSD for 23.02.2021

My fellow traders,

Here’s my forecast for US Crude, XAUUSD, and EURUSD that I made using margin zones and classical technical analysis. Based on this analysis, I made a list of entry signals for intraday traders.

The EURUSD started this week on a rising note. The price got into the resistance area of [1.2180 – 1.2150].

The article covers the following subjects:

Oil Forecast for today: USCrude analysis

The idea of selling oil didn’t prove to be correct. The price broke out resistance in Target Zone 5 [59.86 – 59.31] and steadied above. The ascending medium-term trend continues. The next target is Target Zone 6 [64.92 – 64.41].

The first-priority downward pattern wasn’t confirmed yesterday. As a result, the trend key resistance of [61.05 – 60.83] was broken out. The short-term trend became ascending.

Today, the price has approached buyers’ main target – Target Zone [63.54 – 63.09]. We can now see the quotes slightly retreating from the local highs.

If there are some attractive prices in the area of [61.05 – 60.43] during the correction, we should open long positions accordong to the pattern.

Trading plan for USCrude for today:

Buy according to the pattern starting from the zone of [61.05 – 60.43]. TakeProfit: Target Zone [63.54 – 63.09]. StopLoss: According to pattern rules


Gold forecast for today: XAUUSD analysis 

Gold corrects in the resistance area of [1821 – 1815]. I suggest considering short positions in the framework of a medium-term downtrend with a target at last week’s low.

The short-term trend is downward. The price has reached the trend limits at [1821 – 1815] during the Asian session today. As long as the price stays in that area, short positions with the target at last week’s low will be profitable, according to the pattern.

Once the level of 1821 is broken and the US session closes higher, we will buy gold. We will then have a shift to an uptrend, and the upper Target Zone [1881 – 1870] will be a target for long positions.

Trading plan for XAUUSD for today:

Sell according to the pattern from Intermediary Zone [1821 – 1815]. TakeProfit: 1760. StopLoss: According to pattern rules


Today’s forecast for the EURUSD: EURUSD analysis 

The EURUSD started this week on a rising note. The price got into the resistance area of [1.2180 – 1.2150]. The level of 1.2180 is the key value; after its breakout the medium-term trend will shift to an uptrend, and we will consider long positions up to Target Zone 2 [1.2288 – 1.2272]. Until that happens, short positions remain relevant.

The recommendation that we buy the euro starting from the area of [1.2104 – 1.2100] is confirmed. The price follows the priority pattern in a short-term uptrend. The pair’s growth target is Target Zone [1.2200 – 1.2183].

Once it’s reached, check the market’s reaction. If the zone is broken and the pair consolidates above, the euro will continue rising and most probably reach Gold Zone [1.2271 – 1.2263].

Strong support levels for today: Additional Zone [1.2137 – 1.2133] and Intermediary Zone [1.2097 – 1.2089]. Consider new long positions from the support levels according to the pattern.

Trading plan for EURUSD for today:

  1. Buy according to the pattern from Additional Zone [1.2137 – 1.2133]. TakeProfit: Target Zone [1.2200 – 1.2183]. StopLoss: According to pattern rules
  2. Buy according to the pattern from Intermediary Zone [1.2097 – 1.2089]. TakeProfit: Target Zone [1.2200 – 1.2183]. StopLoss: According to pattern rules

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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

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Price chart of EURUSD 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.

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