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 tested the support (A) 59.57–59.29 yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has hit its first bullish target for the trades opened at the support (A) 59.57–59.29.
- XAUUSD: Gold has reached its first bearish target for the trades initiated at the resistance (A) 3,996–3,986.
- EURUSD: The euro plunged below last week’s low yesterday.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil tested the support (A) 59.57– 59.29 during a correction within the short-term uptrend. Bulls managed to keep the price above this zone. Consequently, the asset started to rise, reaching the first bullish target near 60.82. The second target is last week’s high of 62.36. Therefore, consider holding the long trades initiated near the support (A) open.
If the oil price breaks below the support (A) today, the correction will drag the asset down to the support (B) 58.17–57.75. This zone is the trend boundary. Thus, one may consider long trades near it.
USCrude Trading Ideas for Today:
Hold a part of long trades opened at support (A) 59.57–59.29. TakeProfit: 62.36. StopLoss: 59.52.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold returned to the resistance (A) 3,996–3,986 just before the US Fed’s interest rate announcement. After that, a powerful downward momentum started, and the price reached the first bearish target near 3,941. The asset tried to break through the Target Zone 3,931–3,913, but bulls managed to keep the price above it. Today, gold is trading in an upward correction.
If the gold price retests the resistance (A) during the correction, short trades with the same targets can be considered. If the metal breaks above the resistance (A), the correction will extend to the trend boundary 4,051–4,036. Consider short trades near this zone.
XAUUSD Trading Ideas for Today:
Sell near resistance (A) 3,996–3,986. TakeProfit: 3,941, 3,886. StopLoss: 4,020.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro continued its short-term downtrend, falling below last week’s low. However, the main bearish target is the October low near 1.1542. Therefore, consider holding the short trades initiated near the key resistance 1.1720–1.1704 open.
If the EURUSD pair breaks below the Target Zone 1.1570–1.1536, the next bearish target will be the Gold Zone 1.1454–1.1443. If an upward correction begins and the price surpasses this week’s high, the asset may reach the resistance (B).
EURUSD Trading Ideas for Today:
Hold a part of short trades opened at resistance (В) 1.1720–1.1704. TakeProfit: 1.1542. StopLoss: at breakeven.
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Price chart of USCRUDE in real time mode
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