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 is correcting downward.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has failed to reverse the downtrend and remained in the key resistance area 69.65 – 69.20.
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XAUUSD: gold is correcting downward, presumably to the support (A) 2537 – 2531.
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EURUSD: the euro is testing the short-term downtrend’s boundary 1.1140 – 1.1128.
Oil price forecast for today: USCrude analysis
Yesterday, oil broke through the resistance (B) 69.65 – 69.20 but failed to reverse the short-term downtrend. Today, the price has returned to the resistance. If the price remains in this zone today, consider short trades with the first target of 67.18 and the second one of 64.74.
If the asset pierces the resistance (B) and closes higher in the US trading session, the downtrend will reverse. If so, consider long trades with the target in the upper Target Zone 74.59 – 73.70, starting from tomorrow.
USCrude trading ideas for today:
Watch the market.
Gold forecast for today: XAUUSD analysis
Gold is correcting downward within its short-term uptrend. If the price reaches the support (A) 2537 – 2531 during the correction, one may consider long trades with the first target of 2560 and the second one near 2589.
If gold breaks through the support (A) today, the correction will continue to the support (B) 2510 – 2502, the trend’s boundary. Once this zone is reached, consider long trades. The main bullish target will be the 2589 level.
XAUUSD trading ideas for today:
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Buy at support (A) 2537 – 2531. TakeProfit: 2560, 2589. StopLoss: 2520.
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Buy at support (B) 2510 – 2502. TakeProfit: 2546, 2589. StopLoss: 2485.
Euro/Dollar forecast for today: EURUSD analysis
The euro is trading in a short-term downtrend. This week, the price has been testing the resistance (B) 1.1140 – 1.1128. However, bears are holding the asset below this zone. Therefore, consider short trades near this zone with the first target of 1.1071 and the second one of 1.1002.
If the currency breaches the resistance (B) and closes higher in the US trading session today, the short-term downtrend will reverse. In this case, consider long trades with the main target near the upper Target Zone 1.1279 – 1.1254, starting from the next trading day.
EURUSD trading ideas for today:
Sell at resistance (B) 1.1140 – 1.1128. TakeProfit: 1.1071, 1.1002. StopLoss: 1.1167.
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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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