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.
Yesterday, oil reached below its August low near 71.35.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has continued to decline and reached below the August low. The trades opened at the short-term downtrend’s boundary have hit all the bearish targets. Once a new correction starts, one may initiate new sales.
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XAUUSD: gold is correcting downward and testing the support (A) 2481 – 2476. Since this support has already been tested, the price may breach it and fall to the support (B) 2452 – 2445.
- EURUSD: the euro is trading in a short-term downtrend. Its bearish target is the lower Target Zone 1.0949 – 1.0924. One may consider short trades once a correction to the strong resistance levels occurs.
Oil price forecast for today: USCrude analysis
Yesterday, oil reached below the August low near the 71.35 level. As a result, all bearish targets within the short-term downtrend were achieved. Today, the price continues to drop and approaches the Target Zone 68.85 – 67.85. The asset will likely try to break through this area. If so, the next bearish target will be the Gold Zone 66.25 – 65.99.
If the price remains above the Target Zone, an upward correction will start. In this case, quotes may grow to the resistance (A) 72.56 – 72.26 or resistance (B) 74.20 – 73.75. Consider short trades near these zones. The main bearish target will be today’s low.
USCrude trading ideas for today:
Watch the market.
Gold forecast for today: XAUUSD analysis
Gold continues to trade in a correction. Yesterday, the price tested the support (A) 2481 – 2476 within the downward trend. This zone was tested on 22 August. Thus, opening trades at this support is unreasonable, as it has already yielded profits.
Therefore, gold may try to breach the support (A) today. If so, the correction will continue to the support (B) 2452 – 2445, the short-term uptrend’s boundary. Consider long trades in this zone with the first target of 2488 and the second one of 2531.
XAUUSD trading ideas for today:
Buy at support (B) 2456 – 2449. TakeProfit: 2488, 2531. StopLoss: 2428.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro maintained its short-term downtrend. As a result, the asset has pierced the September 2 low. The main bearish target is the lower Target Zone 1.0949 – 1.0924. Today, the price may continue to fall and reach below yesterday’s low.
Consider short trades during a correction. If the price touches the strong resistance (A) 1.1118 – 1.1110 and resistance (B) 1.1165 – 1.1152, and a sell pattern appears, consider short trades. The first target will be the 1.1072 level.
EURUSD trading ideas for today:
Sell at resistance (A) 1.1118 – 1.1110. TakeProfit: 1.1072, 1.1026. StopLoss: 1.1135.
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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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