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.
Oil has bounced off the support (B) 67.74 – 67.30.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has bounced off the support (B) 67.74 – 67.30 and has reached the first bullish target near 69.75.
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XAUUSD: gold started to decline again after reaching the first bullish target.
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EURUSD: the euro broke through the support (A) 1.1130 – 1.1121 yesterday. As a result, the price has hit the support (B) 1.1088 – 1.1075.
Oil price forecast for today: USCrude analysis
Yesterday, oil tried to pierce the short-term uptrend’s key support 67.74 – 67.30. However, once the Middle East news was released, the price returned to the support and formed a bullish pattern in the US trading session. After that, the growth continued, and the asset reached its first target near 69.75. The second bullish target is the September 24 high near 72.20.
Today, consider holding long trades opened at the support (B) 67.74 – 67.30 in the breakeven point. If the price falls below 69.75, one should close all long positions and prepare for a possible decline.
USCrude trading ideas for today:
Watch the market and hold up long trades opened at support (B) 67.74 – 67.30. TakeProfit: 72.20. StopLoss: at the breakeven.
Gold forecast for today: XAUUSD analysis
Yesterday, gold reached the first bullish target of 2655 after hitting the support (A) 2630 – 2625. Today, the price is decreasing. Thus, the correction may persist, and the asset may test the support (A) again.
If the price tests the support (A) again, the breakout may occur soon. If the price consolidates below 2625, the correction will continue to the trend’s boundary 2603 – 2594. Once this zone is tested, consider long trades with the first target of 2640 and the second one of 2685.
XAUUSD trading ideas for today:
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Hold up long trades opened at support (A) 2633 – 2627. TakeProfit: 2685. StopLoss: at the breakeven.
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Buy at support (B) 2603 – 2594. TakeProfit: 2640, 2684. StopLoss: 2578.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro continued to trade in a correction. As a result, the price has reached the support (B) 1.1088 – 1.1075, the short-term uptrend’s boundary. If the price settles below this zone, the short-term uptrend will reverse. In this case, consider short trades with the main target in the lower Target Zone 1.0962 – 1.0936 starting from tomorrow.
If the price returns to the support (B), one may consider long trades with the first target of 1.1144 and the second one near 1.1214.
EURUSD trading ideas for today:
Watch the market.
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Price chart of USCRUDE 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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