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.
The euro corrected to the short-term downtrend’s key resistance.
The article covers the following subjects:
Highlights and key points
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USCrude: Oil broke through the Gold Zone 72.99 – 72.71. The next bearish target is the Target Zone 2 70.57 – 70.05. Consider short trades.
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XAUUSD: Gold is testing the short-term uptrend’s support (A) 2427 – 2422. Long trades can be considered.
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EURUSD: The euro is testing the short-term downtrend’s boundary 1.0916 – 1.0903. Consider short trades.
Oil price forecast for today: USCrude analysis
On Friday, oil continued its short-term downtrend. As a result, the price broke through the Target Zone 75.72 – 74.90 and reached the Gold Zone 72.99 – 72.71. Today, the quotes breached the Gold Zone, meaning the next bearish target is the Target Zone 2 70.57 – 70.05.
Consider short trades on a correction. If the correction develops, the quotes may grow to the resistance (A) 75.11 – 74.82. If so, consider short trades according to the pattern with the main target at today’s low. The trend’s boundary shifts to 76.75 – 76.30. If the price reaches this zone, one may consider short trades in this area.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (A) 75.11 – 74.82. TakeProfit: 71.97. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 76.75 – 76.30. TakeProfit: 71.97. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold continues to trade in a short-term uptrend. On Friday, the price tested the support (A) 2427 – 2422. Today, the asset reached the first bullish target near 2450.
However, bears are trying to drag the price to the support (A) and pierce this key level. If so, the price may drop to the support (B) 2402 – 2395. Consider long trades once gold tests this zone, the trend’s boundary. The first bullish target will be 2436, and the second one will be the August 2 high of 2477.
XAUUSD trading ideas for today:
Buy according to the pattern at support (B) 2402 – 2395. TakeProfit: 2436, 2477. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
On Friday, the euro corrected to the short-term downtrend’s key resistance 1.0916 – 1.0903. Today, the price failed to break through this zone and remained within the resistance area before the European trading session. If the price drops below the resistance and a sell pattern is formed, consider short trades with the first target at 1.0846 and the second one near the August 1 low of 1.0777. If the price consolidates below the August 1 low, the next target will be the lower Target Zone 1.0696 – 1.0670.
If the asset breaches the resistance (B) 1.0916 – 1.0903 and closes above this level in the US trading session, the short-term downtrend will reverse. In this case, consider long trades with the main target near the upper Target Zone 1.1054 – 1.1029, starting from tomorrow.
EURUSD trading ideas for today:
Sell according to the pattern at resistance (B) 1.0916 – 1.0903. TakeProfit: 1.0846, 1.0777. StopLoss: according to the pattern rules.
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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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