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 reached the short-term downtrend’s key resistance.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has hit the resistance (B) 76.79 – 76.30. If the price remains below this area, the decline may continue to the target of 74.07.
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XAUUSD: gold is trying to breach the Target Zone 2529 – 2514. If so, the short-term uptrend will continue with the target in the Gold Zone 2569 – 2564.
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EURUSD: the euro is maintaining a short-term uptrend. If the growth continues and the asset breaks through the Target Zone 2, 1.1214 – 1.1197, the next target will be the Gold Zone 2, 1.1289 – 1.1281.
Oil price forecast for today: USCrude analysis
Oil has reached the short-term downtrend’s key resistance 76.79 – 76.30. The price is trading within this area. Therefore, short trades can be considered in this zone with the first target of 74.07. The second bearish target will be the August 21 low of 71.35. Consider short trades once a reversal pattern emerges.
If the asset pierces the resistance 76.79 – 76.30 from below today, the downtrend will reverse. In this case, consider long trades with the target near the upper Target Zone 81.18 – 80.29.
USCrude trading ideas for today:
Sell according to the pattern at resistance (B) 76.79 – 76.30. TakeProfit: 74.07, 71.35. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is testing the Target Zone 2529 – 2514. The price is trading below this zone. Thus, a corrective pattern may unfold. If the price falls, the quotes may reach the support (A) 2481 – 2476 again. If the asset remains in this zone, the price will grow to the target of 2531. If gold breaks through the support (A), the correction will continue to the trend’s boundary 2456 – 2449.
If the price consolidates above the Target Zone, the growth may continue to the Gold Zone 2569 – 2564. If so, strong support levels should be shifted.
XAUUSD trading ideas for today:
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Hold up long trades opened at support (A) 2481 – 2476. TakeProfit: 2530. StopLoss: at the breakeven.
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Buy according to the pattern at support (B) 2456 – 2449. TakeProfit: 2530. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro is trading in a correction after testing the Target Zone 2, 1.1214 – 1.1197. If the correction continues today, the asset may reach the support (A) 1.1117 – 1.1109. Once the price tests this support, consider long trades with the main target at the August 26 high. The intermediate target for profit-taking will be 1.1155.
If the short-term uptrend continues today and the asset reaches above the August 26 high, the price will try to break through the Target Zone 2. If so, the next bullish target will be the Gold Zone 2, 1.1289 – 1.1281.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.1117 – 1.1109. TakeProfit: 1.1155, 1.1200. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.1075 – 1.1063. TakeProfit: 1.1200. StopLoss: according to the pattern rules.
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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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