Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Oil is rising in a correction and approaching the resistance (A).
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is trading in an upward correction.
- XAUUSD: Gold has reversed its short-term uptrend.
- EURUSD: The euro continues to trade in a short-term downtrend.
Oil Price Forecast for Today: USCrude Analysis
Oil is increasing in a correction and approaching the resistance (A) 59.39–59.08. Once this zone is tested, short trades can be considered within the short-term downtrend. The first bearish target is 57.66, and the second one is this week’s low of 55.94.
If the price breaks above the resistance (A) today, the correction will extend to the trend boundary 61.11–60.64. Consider short trades near this zone.
USCrude Trading Ideas for Today:
Sell near resistance (A) 59.39–59.08. TakeProfit: 57.66, 55.94. StopLoss: 60.16.
Gold Forecast for Today: XAUUSD Analysis
Gold has reversed to the downside, piercing the support (B) 4,246–4,232. After that, the price breached the Target Zone 4,111–4,084. As a result, the asset reached the Gold Zone 4,021–4,012. Large short trades were closed near this zone, triggering a correction.
During the upward correction, gold hit the short-term downtrend’s key resistance 4,152–4,139 today. Short trades can be considered near this zone, with the first target at 4,078 and the second one at 4,004. If the price breaks above the 4,152 level today, the downtrend will reverse.
XAUUSD Trading Ideas for Today:
Sell near resistance (B) 4,152–4,139. TakeProfit: 4,078, 4,004. StopLoss: 4,190.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro extended its short-term downtrend yesterday, reaching the first bearish target of 1.1631 for the trades opened at the resistance (B) 1.1720–1.1704. Moreover, the price broke below the 1.1631 level yesterday. This means that the trend will likely continue, and the price may hit the second target near last week’s low of 1.1542.
If the price settles below last week’s low, it may pierce the Target Zone 1.1570–1.1536. In this case, the next bearish target will be the Gold Zone 1.1454–1.1443. If the asset breaks above the resistance (B) today, the downtrend will reverse. In this case, consider long trades with the target in the upper Target Zone 1.1898–1.1866.
EURUSD Trading Ideas for Today:
Hold up short trades opened at resistance (B) 1.1720–1.1704. TakeProfit: 1.1542. StopLoss: at the breakeven.
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Price chart of USCRUDE in real time mode
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