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.
On Friday, oil reached the resistance (B).
The article covers the following subjects:
Highlights and key points
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USCrude: oil has started an upward correction and is approaching the resistance (B) 69.65 – 69.20. Short trades can be considered near this zone.
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XAUUSD: Gold has pierced the Target Zone 2529 – 2514 and reached the Gold Zone 2571 – 2566.
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EURUSD: The euro is developing a correction within a short-term downtrend. The price has hit the resistance (A) 1.1094 – 1.1086 during the correction.
Oil price forecast for today: USCrude analysis
On Friday, oil reached the resistance (B) 69.65 – 69.20, the short-term downtrend’s boundary, and retreated. Today, the asset is trying to continue the short-term downtrend with the first target of 67.18. If the price breaks through and consolidates below this level, the next bearish target will be the September 10 low of 64.74.
If the price breaches the resistance (B) today and closes higher in the US session, the short-term downtrend will reverse. If so, consider long trades with the target near the upper Target Zone 74.59 – 73.70, starting from the next trading day.
USCrude trading ideas for today:
Hold up sales opened at resistance (B) 69.65 – 69.20. TakeProfit: 67.18, 64.74. StopLoss: 69.50.
Gold forecast for today: XAUUSD analysis
Gold continues to strengthen within the short-term uptrend. Last week, the price broke through the Gold Zone 2571 – 2566. If the asset consolidates above this zone, the next bullish target will be the Target Zone 2, 2629 – 2619.
If gold starts a correction at current prices, it may hit the support (A) 2537 – 2531. Once this zone is tested, consider long trades with the first target of 2560 and the second one at today’s high.
XAUUSD trading ideas for today:
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Buy at support (A) 2537 – 2531. TakeProfit: 2560, 2589. StopLoss: 2520.
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Buy at support (B) 2510 – 2502. TakeProfit: 2546, 2589. StopLoss: 2485.
Euro/Dollar forecast for today: EURUSD analysis
Last week, the euro reached the resistance (A) 1.1094 – 1.1086 during a correction within a short-term downtrend. This price failed to settle above the resistance on Friday. However, the asset has managed to pierce this zone today. Thus, the correction may continue to the resistance (B) 1.1140 – 1.1128. Once this zone is tested, consider short trades with the first target of 1.1071 and the second one near the September 11 low of 1.1002.
The euro should break through and consolidate above the 1.1140 mark to allow traders to open long trades and reverse the trend. If so, consider purchases with the target in the upper Target Zone 1.1279 – 1.1254, starting from the next trading day.
EURUSD trading ideas for today:
Sell at resistance (B) 1.1140 – 1.1128. TakeProfit: 1.1071, 1.1002. StopLoss: 1.1167.
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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.