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.
Yesterday, the euro corrected within a short-term downtrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is trying to reverse its short-term downtrend.
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XAUUSD: gold is declining after hitting the resistance (A) 2706 – 2700 with the first target of 2674.
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EURUSD: the euro has failed to pierce the resistance (A) 1.0805 – 1.0794 within a short-term downtrend.
Oil price forecast for today: USCrude analysis
Oil is trying to break through the short-term downtrend’s key resistance 72.01 – 71.51. If so, the downtrend will reverse. In this case, consider long trades with the target in the upper Target Zone 77.45 – 76.46, starting from next week.
If the asset fails to pierce the key resistance 72.01 – 71.51, a sell signal may emerge. Once the signal appears, one may consider short trades with the first target of 69.28 and the second one near 66.56.
USCrude trading ideas for today:
Watch the market.
Gold forecast for today: XAUUSD analysis
Yesterday, gold corrected to the resistance (A) 2706 – 2700, but bears managed to drag the price lower. Therefore, consider holding short trades initiated at the resistance (A) open with the first target of 2674 and the second one of 2643.
If the price breaks through the resistance (A) today, the correction will continue to the resistance (B) 2738 – 2729, the short-term trend’s boundary. Thus, consider short trades near this zone.
XAUUSD trading ideas for today:
Hold up sales opened at resistance (A) 2706 – 2700. TakeProfit: 2674, 2643. StopLoss: at the breakeven.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro hit the resistance (A) 1.0805 – 1.0794 during a correction within the short-term downtrend. However, bears have managed to push the price below this zone. Therefore, consider short trades near this resistance today with the first target of 1.0744 and the second one of 1.0682.
If the price pierces the resistance (A) today, the correction will extend to the trend’s boundary 1.0867 – 1.0850. Once this zone is reached, short trades can be considered.
The asset should breach the 1.0867 level to reverse the trend and create buying opportunities. In this case, the bullish target will be the upper Target Zone of 1.1052 – 1.1018.
EURUSD trading ideas for today:
Hold up sales opened at resistance (A) 1.0805 – 1.0794. TakeProfit: 1.0744, 1.0682. StopLoss: at the breakeven.
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Price chart of EURUSD 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.
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