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 trading in a short-term downtrend.
The article covers the following subjects:
Highlights and key points
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USCrude: Oil trades in a correction with the target at the resistance (A) 79.00 – 78.71. Once the price reaches the resistance, consider short trades with the target at the July 25 low.
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XAUUSD: Gold has tested the resistance (A) 2408 – 2403. One should wait for a bearish pattern near this zone and sell the instrument with the first target of 2380.
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EURUSD: The euro remained above the key support 1.0822 – 1.0809 of the short-term uptrend. Consider long trades near this zone with the target of 1.0878.
Oil price forecast for today: USCrude analysis
Oil is trading in a short-term downtrend. Last week, the quotes reached the Target Zone 75.72 – 74.90. After that, an upward correction started. If the correction continues today, the price may reach above the July 26 high and test the resistance (A) 79.00 – 78.71. Once the asset tests the resistance, one may consider short trades with the target at the July 25 low.
If the price breaks through the resistance (A) today, the correction will continue to the resistance (B) 80.64 – 80.19, the trend’s boundary. Consider short trades in this area.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (A) 79.00 – 78.71. TakeProfit: 75.72. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 80.64 – 80.19. TakeProfit: 75.72. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is trading in a short-term downtrend. An upward correction is unfolding within this trend. As a result, the price reached the resistance (A) 2408 – 2403, but the asset remained below this zone. In this connection, consider short trades near this area with the target at the July 25 low. If the price reaches and consolidates below the July 25 low, the next bearish target will be the Target Zone 2333 – 2318.
The trend’s boundary is shifting to the levels of 2435 – 2428. If the price tests this zone today, one may consider short trades in this area.
XAUUSD trading ideas for today:
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Sell according to the pattern at resistance (A) 2408 – 2403. TakeProfit: 2380, 2355. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 2435 – 2428. TakeProfit: 2355. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The EUR/USD maintains a short-term uptrend. Last week, the price tested the trend’s boundary 1.0822 – 1.0809. The asset remained above this zone. Therefore, consider long trades with the main target near the July 17 high this week. If the price reaches and consolidates above the July 17 high, the asset will breach the Target Zone 1.0943 – 1.0918, which means that the bullish target will be the Gold Zone 1.1010 – 1.1002.
The euro should breach and consolidate below the support (B) 1.0822 – 1.0809 to allow traders to open short trades and reverse the uptrend. If successful, the short-term uptrend will reverse, and the bearish target will be the lower Target Zone of 1.0696 – 1.0670.
EURUSD trading ideas for today:
Buy according to the pattern at support (B) 1.0822 – 1.0809. TakeProfit: 1.0878, 1.0945. 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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