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 is maintaining its short-term downtrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil remains under pressure. The price is trying to correct upwards to the target at the resistance (A) 69.98 – 69.68.
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XAUUSD: gold is trading in a channel between the upper Target Zone 2529 – 2514 and the support (A) 2481 – 2476.
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EURUSD: the euro continues to trade in a short-term downtrend. The main bearish target is the September 3 low near 1.1026.
Oil price forecast for today: USCrude analysis
Oil is maintaining its short-term downtrend. Yesterday, the price traded in an upward correction. If the correction continues today, the asset may hit the resistance (A) 69.98 – 69.68. Once this zone is reached, consider short trades with the first target of 68.35. The second bearish target will be the September 6 low of 66.71.
If oil breaks through the resistance (A) today, the correction will continue to the trend’s boundary 71.61 – 71.17. Consider short trades near this zone.
USCrude trading ideas for today:
Sell at resistance (A) 69.98 – 69.68. TakeProfit: 68.35. StopLoss: 70.54.
Gold forecast for today: XAUUSD analysis
Technical analysis suggests that gold continues its short-term uptrend trading in a channel between the Target Zone 2529 – 2514 and the support (A) 2481 – 2476. Last week, the price tested the support (A) and reached the Target Zone. Now, the price is trying to form a downward impulse starting from the Target Zone. If so, the support (A) will be tested again.
If the asset breaches the support (A), the correction will continue to the trend’s boundary 2452 – 2445. Once the trend’s boundary is reached, one may consider long trades with the first target of 2488 and the second one at the August high near 2531.
XAUUSD trading ideas for today:
Buy at support (B) 2456 – 2449. TakeProfit: 2488, 2531. StopLoss: 2428.
Euro/Dollar forecast for today: EURUSD analysis
The euro continues to decline within the short-term downtrend. The main bearish target is the September 3 low near 1.1026. If the price consolidates below this low, the next bearish target will be the lower Target Zone 1.0949 – 1.0924.
Once the price reaches below the September 3 low, the strong resistance zones should be shifted. Consider short trades once the asset corrects to these new strong levels.
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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