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 has corrected to the key support.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is trying to consolidate below the key support (B) 73.80 – 73.30.
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XAUUSD: gold is still maintaining its short-term uptrend. If a correction emerges, one may consider long trades.
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EURUSD: the euro’s short-term uptrend continued today. As a result, the price has broken through the Target Zone 1.1054 – 1.1029.
Oil price forecast for today: USCrude analysis
Oil has corrected to the short-term uptrend’s key support 73.80 – 73.30. If the asset closes below this zone in the US session, the price will breach the support.
If the price returns to the support and consolidates above this level today, consider long trades with the first target near 76.02. Once oil breaks through the 76.02 level, the asset will grow to 78.75.
USCrude price forecast for today:
Buy according to the pattern at support (B) 73.80 – 73.30. TakeProfit: 76.02, 78.75. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is maintaining its short-term uptrend. The price is rising to the target in the Target Zone 2529 – 2514. Once the asset reaches the Target Zone, a downward correction may unfold. If the correction starts at the current prices, the asset may hit the support (A) 2459 – 2454 or support (B) 2434 – 2427. After reaching any support level, consider long trades according to the pattern with the main target at the August 16 high.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2459 – 2454. TakeProfit: 2508. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 2434 – 2427. TakeProfit: 2508. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro continued to increase and broke through the upper Target Zone 1.1054 – 1.1029. The next bullish target is the Gold Zone 1.1121 – 1.1113. Today, the price is trading in a downward correction. If the correction continues, the price may test the support (A) 1.1003 – 1.0995. After testing this zone, one may consider long trades with the main target near today’s high.
If the price breaches the support (A) today, the correction will continue to the support (B) 1.0961 – 1.0949, the trend’s boundary. Therefore, consider long trades in this zone.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.1003 – 1.0995. TakeProfit: 1.1086. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (В) 1.0961 – 1.0949. TakeProfit: 1.1086. 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.