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 testing the key resistance of the short-term downtrend.
The article covers the following subjects:
Major Takeaways
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USCrude: oil is testing resistance (B) 69.81 – 69.37.
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XAUUSD: gold continues to strengthen.
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EURUSD: the euro is trying to recover to the support (B) 1.0798 – 1.0783.
Oil Price Forecast for Today: USCrude Analysis
Oil is testing the key resistance of the short-term downtrend near 69.81 – 69.37. As long as the price is trading within this zone, consider short trades with the first target of 67.40 and the second one near 65.00.
If the asset breaks through the resistance (B) 69.81 – 69.37 today and closes higher in the US trading session, the short-term downtrend will reverse. In this case, consider long trades with the target in the upper Target Zone 73.79 – 72.99, starting from the next trading week.
USCrude Trading Ideas for Today:
Hold up sales opened near resistance (B) 69.81 – 69.37. TakeProfit: 67.40, 65.00. StopLoss: 70.60.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold rose again and exceeded last week’s high. Today, the price is trying to break through and settle above the Gold Zone 3065 – 3058. If so, the next target within the short-term uptrend will be the Target Zone 3144 – 3131.
Consider long trades on a correction at the strong support (A) 3015 – 3008 and support (B) 2981 – 2971 with the main target at today’s high.
XAUUSD Trading Ideas for Today:
Buy near support (A) 3015 – 3008. TakeProfit: 3045, 3082. StopLoss: 2995.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is trying to return to the short-term uptrend’s key support 1.0798 – 1.0783. If the price pierces the 1.0798 level, consider long trades with the first target of 1.0868 and the second one near last week’s high of 1.0954. If the price consolidates above last week’s high, the next bullish target will be the Gold Zone 1.1017 – 1.1006.
An alternative scenario suggests that if the quotes decline and close below the support (B) 1.0798 – 1.0783 in the US trading session, the short-term uptrend will reverse. In this case, consider short trades with the main target in the lower Target Zone 1.0642 – 1.0611, starting from the next trading week.
EURUSD Trading Ideas for Today:
Watch the market.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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