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.
Gold’s short-term uptrend reversed yesterday.
The article covers the following subjects:
Highlights and key points
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USCrude: Oil continues to trade in a short-term downtrend. Today, the price tried to test the resistance (A) 74.39 – 74.09.
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XAUUSD: Gold’s short-term uptrend reversed. The price is trading in an upward correction and testing the resistance (A) 2419 – 2414 today.
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EURUSD: The euro’s short-term downtrend reversed. The asset is maintaining an upward correction with the target at the support (A) 1.0924 – 1.0916.
Oil price forecast for today: USCrude analysis
Yesterday, oil traded in an upward correction within a short-term downtrend. Today, the price tested the resistance (A) 74.38 – 73.82 with a margin of error. Bears are trying to keep the price below this area. In this connection, consider short trades with the first target at 72.75 and the main target at the August 5 low near 71.17.
If the price reaches below the August 5 low, the price will try to break through the Target Zone 2, 70.57 – 70.05. If so, the next bearish target will be the Gold Zone 2, 67.60 – 67.30.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (A) 74.38 – 73.82. TakeProfit: 72.75, 71.17. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 76.03 – 75.58. TakeProfit: 72.75, 71.17. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold‘s short-term uptrend reversed yesterday. The price breached the key support 2402 – 2395. Now, the main target is the lower Target Zone 2327 – 2312. Consider short trades on a correction at the strong resistance (A) 2419 – 2414 and resistance (B) 2446 – 2439 once the price tests these levels according to the pattern. The main bearish target will be yesterday’s low.
XAUUSD trading ideas for today:
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Sell according to the pattern at resistance (A) 2419 – 2414. TakeProfit: 2391, 2364. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 2446 – 2439. TakeProfit: 2364. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro maintains a downward correction within the short-term uptrend, aiming to test the support (A) 1.0924 – 1.0916. Once the asset tests this level, consider long trades with the first target at 1.0963 and the second one near yesterday’s high of 1.1008. If the price consolidates above yesterday’s high, the growth will likely continue, and the target will be the upper Target Zone 1.1054 – 1.1029.
If the price breaks through the support (A), the correction will continue to the support (B) 1.0882 – 1.0870, the trend’s boundary. Consider long trades in this zone.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.0924 – 1.0916. TakeProfit: 1.0963, 1.1008. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.0882 – 1.0870. TakeProfit: 1.1008. StopLoss: according to the pattern rules.
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Price chart of XAUUSD 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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