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.
On Friday, the euro maintained its short-term downtrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has reached the upper Target Zone 74.59 – 73.70 within the short-term uptrend. Therefore, consider long trades on a correction.
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XAUUSD: gold is trading in a correction. The price may fall below the September 30 low.
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EURUSD: the euro continues to trade in a short-term downtrend. Today, the price is trying to break through the Target Zone 1.0962 – 1.0936.
Oil price forecast for today: USCrude analysis
Oil is trading in a downward correction within the short-term uptrend. If the correction continues, the asset may hit the support (A) at 72.09 – 71.79. Consider long trades near this zone with the first target of 73.45 and the second one near the October 4 high of 75.09.
If the asset exceeds and consolidates above the October 4 high today, the next bullish target will be the Gold Zone 76.96 – 76.67.
USCrude trading ideas for today:
Buy at support (A) 72.09 – 71.79. TakeProfit: 73.45, 75.09. StopLoss: 71.18.
Gold forecast for today: XAUUSD analysis
Gold is correcting downward within the short-term uptrend. The correction’s potential target is below the September 30 low. If the price settles below this low, the correction will proceed to the trend’s boundary 2603 – 2594. Once this zone is tested, one may consider long trades. The first bullish target will be 2640, and the second one will be the September 26 high near 2685.
The asset should breach and consolidate below the 2594 level to allow traders to open short trades and reverse the trend. In this case, the bearish target will be the lower Target Zone 2528 – 2512.
XAUUSD trading ideas for today:
Buy at support (B) 2603 – 2594. TakeProfit: 2640, 2685. StopLoss: 2578.
Euro/Dollar forecast for today: EURUSD analysis
Last Friday, the short-term downtrend on the euro persisted. As a result, the price has reached the lower Target Zone 1.0962 – 1.0936, a strong support. If the asset pierces this area, the next bearish target will be the Gold Zone 1.0878 – 1.0869.
If the price remains above the Target Zone, the upward correction will start. Thus, one may consider short trades at the resistance (A) 1.1043 – 1.1035 during a correction. The first bearish target will be 1.0997, and the second one will be the October 4 low.
EURUSD trading ideas for today:
Sell at resistance (A) 1.1043 – 1.1035. TakeProfit: 1.0997, 1.0951. StopLoss: 1.1064.
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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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