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, oil reached the short-term downtrend’s key resistance.
The article covers the following subjects:
Major Takeaways
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USCrude: oil is trying to reverse its short-term downtrend.
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XAUUSD: gold has declined after hitting the Target Zone 2726 – 2709.
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EURUSD: the euro has opened with a gap and is testing the resistance (B) 1.0484 – 1.0470.
Oil Price Forecast for Today: USCrude Analysis
On Friday, oil reached the short-term downtrend’s key resistance 70.85 – 70.45. However, the price has failed to consolidate above this zone. Today, the asset is retreating below this resistance. If a sell pattern emerges, consider short trades with the first target of 68.68 and the second one near 66.51.
An alternative scenario suggests that the price will break through and consolidate above last Friday’s high. In this case, the short-term downtrend will reverse.
USCrude Trading Ideas for Today:
Sell at resistance (B) 70.85 – 70.45. TakeProfit: 68.68, 66.51. StopLoss: 71.59.
Gold Forecast for Today: XAUUSD Analysis
On Friday, gold touched the upper Target Zone 2726 – 2709 within a short-term uptrend. Once this zone was reached, major traders likely closed their high-volume long positions, triggering a correction.
The price has reached the support (A) 2663 – 2657 within a correction today. Consider long trades near this zone with the first target of 2689 and the second one near today’s high. If the asset pierces the support (A) today, the correction will continue to the support (B) 2634 – 2626, the trend’s boundary.
XAUUSD Trading Ideas for Today:
Buy at support (A) 2663 – 2657. TakeProfit: 2689, 2721. StopLoss: 2646.
Euro/Dollar Forecast for Today: EURUSD Analysis
Once the euro hit the Target Zone 4, 1.0386 – 1.0367, within the short-term downtrend, a correction started. The quotes are testing the resistance (B) 1.0484 – 1.0470 within the correction. If the price fails to pierce this zone, consider short trades with the first target of 1.0408 and the second one near 1.0332.
If the euro breaks through and settles above the resistance (B) today, the short-term downtrend will reverse. In this case, consider long trades with the target in the upper Target Zone 1.0636 – 1.0608, starting from tomorrow.
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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