I welcome my fellow traders! I have made a price forecast for the USCrude, 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 trade in a short-term downtrend.
The article covers the following subjects:
Highlights and key points
-
USCrude: oil is declining within a short-term downtrend. Yesterday, the price reached the first target of 72.75. The second target is the August 5 low of 71.12.
-
XAUUSD: gold hit the first bearish target of 2391 yesterday within the short-term downtrend. If the decrease continues, the asset will reach the second target of 2364.
-
EURUSD: the euro corrected to the support (A) 1.0924 – 1.0916 and is now testing this area. Consider long trades in this zone with targets of 1.0963 and 1.1008.
Oil price forecast for today: USCrude analysis
Oil maintains a short-term downtrend. The bearish target is the August 5 low. Once the price reaches below this level, the next target will be the Target Zone 70.57 – 70.05.
Consider short trades on a correction at the resistance (A) 74.39 – 74.09. Once a reversal pattern emerges, short trades can be opened.
USCrude trading ideas for today:
-
Sell according to the pattern at resistance (A) 74.39 – 74.09. TakeProfit: 72.75, 71.12. StopLoss: according to the pattern rules.
-
Sell according to the pattern at resistance (B) 76.03 – 75.58. TakeProfit: 72.75, 71.12. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold continues its short-term downtrend. Yesterday, the price tested the resistance (A) 2419 – 2414. As a result, bears started to push the asset down, and gold reached its first target near 2391. The second bearish target is the August 5 low.
An alternative scenario suggests that the price may breach the 2419 level and climb to the key resistance 2446 – 2439. Once the quote touches this area, one may consider short trades.
XAUUSD trading ideas for today:
-
Hold up sales at resistance (A) 2419 – 2414. TakeProfit: 2364. StopLoss: according to the pattern rules.
-
Sell according to the pattern at resistance (B) 2446 – 2439. TakeProfit: 2364. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro is testing the support (A) 1.0924 – 1.0916. Bulls managed to hold this zone yesterday. Therefore, consider long trades according to the pattern today. The first bullish target will be the 1.0963 level, and the second one is the August 5 high.
If the downward correction continues, the price will reach below the August 6 low and hit the support (B) 1.0882 – 1.0870, the trend’s boundary. After that, long trades can be considered.
EURUSD trading ideas for today:
-
Buy according to the pattern at support (A) 1.0924 – 1.0916. TakeProfit: 1.0963, 1.1008. StopLoss: according to the pattern rules.
-
Buy according to the pattern at support (B) 1.0882 – 1.0870. TakeProfit: 1.1008. StopLoss: according to the pattern rules.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
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.