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.
Gold corrected downward yesterday, to the support area (B) 3062 – 3052.
The article covers the following subjects:
Major Takeaways
- USCrude: The short-term trend reversed downward.
- XAUUSD: Gold is trading in a downward correction.
- EURUSD: Today, the euro has reached the first buy target from support (А) 1.1042 – 1.1032 within a short-term uptrend.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil prices broke below the key support of a short-term uptrend at 67.53 – 67.09, thus reversing the trend to the downside. So, consider selling the asset with a target in the lower Target Zone of 63.13 – 62.25.
New shorts could be opened once strong resistance levels — resistance (А) 68.51 – 68.25 and (В) 69.93 – 69.54 — have been tested. After the test, look for a reversal pattern to enter a short position.
USCrude Trading Ideas for Today:
Sell near resistance (А) 68.51 – 68.25. TakeProfit: 67.07, 65.65. StopLoss: 69.00.
Gold Forecast for Today: XAUUSD Analysis
Gold corrected downward yesterday, to the support area (B) 3062 – 3052. The zone wasn’t broken out, and the asset started to grow, quickly reaching the first buy target at around 3109. As that level was held, further growth remains uncertain.
If the price continues to trade below the 3109 level, it is likely to resume its downward correction. In this case, a retest of support (B) can be expected. Holding this area would allow us to open new long positions, targeting 3109 and 3167. A breakout below support (B) would signal a trend reversal to the downside.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro remained in a short-term uptrend yesterday, and the Gold Zone 1.1017 – 1.1006 was broken out. The price then reached the next growth target — the Target Zone 1.1131 – 1.1110. This zone was held by sellers, triggering a downside correction during the U.S. trading session. As part of this correction, support (A) 1.1042 – 1.1032 of the short-term uptrend was tested. Buyers held the area, which led to a new upward wave, during which the first bullish target near the 1.1089 level was reached. However, the price failed to settle above this level today and is currently moving lower.
If support (А) is broken to the downside, the correction will continue to support (В) 1.0990 – 1.0974 — a trend boundary, from which short positions can be opened, too.
EURUSD Trading Ideas for Today:
Buy near support (В) 1.0990 – 1.0974. TakeProfit: 1.1060, 1.1146. StopLoss: 1.0945.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of XAUUSD in real time mode
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