Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAU/USD, and EUR/USD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
This week, oil fell to the support (A) during a correction.
The article covers the following subjects:
Major Takeaways
- USCrude: The oil price is attempting to rebound from the support (A) 59.57–59.29.
- XAU/USD: Gold is testing the resistance (B) 4,051–4,036.
- EUR/USD: The euro is nearing the second bearish target.
Oil Price Forecast for Today: USCrude Analysis
This week, the oil price declined to the support zone (A) 59.57–59.29 during a correction. However, bulls are keeping the asset above this support zone. Consequently, long trades can be opened near this zone with the first target at 60.82 and the second one at last week’s high of 62.36.
If the price breaks below the support (A) during trading, the bearish correction will extend to the support (B) 58.17–57.75. Since this is the trend boundary, one may consider long trades near this zone.
USCrude Trading Ideas for Today:
Open new or hold long positions initiated at support (A) 59.57–59.29. TakeProfit: 60.82, 62.36. StopLoss: 58.58.
Gold Forecast for Today: XAUUSD Analysis
Gold continued its upward correction yesterday, piercing the resistance (A) 3,996–3,986. Afterward, the price reached the resistance (B) 4,051–4,036. This zone is the trend boundary. Therefore, traders had an opportunity to open short positions near this zone. The first bearish target is 3,969, and the second one is 3,886.
If the price breaks above the resistance (B) today, the short-term downtrend will reverse. In this case, consider long trades with the primary target in the Target Zone 4,216–4,186, starting from the next trading day.
XAUUSD Trading Ideas for Today:
Open new or hold short trades initiated at resistance (В) 4,051–4,036. TakeProfit: 3,969, 3,886. StopLoss: 4,088.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is trading in a short-term downtrend. The main bearish target is the October 14 low near 1.1542. If the price consolidates below this level, the next bearish target will be the Gold Zone 1.1454–1.1443.
Based on an alternative scenario, the asset may rise and retest the resistance (B) 1.1720–1.1704. If the EUR/USD pair settles above this zone, the short-term downtrend will change to an uptrend. In this scenario, one may consider long positions with a target in the upper Target Zone 1.1898–1.1866.
EURUSD Trading Ideas for Today:
Hold a part of short trades opened at resistance (B) 1.1720–1.1704. TakeProfit: 1.1542. StopLoss: at breakeven.
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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