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 continued to trade in an upward correction yesterday.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has reached the resistance (B) 72.01 – 71.51. Consider short trades near this zone.
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XAUUSD: gold is trying to rise after hitting the support (A) 2735 – 2729.
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EURUSD: the euro continues to trade in a correction within the short-term downtrend.
Oil price forecast for today: USCrude analysis
Yesterday, oil hit the resistance (B) 72.01 – 71.51, the short-term downtrend’s boundary, during its upward correction. Consequently, consider short trades near thi zone with the first target of 69.28 and the second one of 66.56.
If the price breaks through the resistance (B) today, the short-term downtrend will reverse.
USCrude trading ideas for today:
Sell at resistance (B) 72.01 – 71.51. TakeProfit: 69.28, 66.56. StopLoss: 73.03.
Gold forecast for today: XAUUSD analysis
Gold is testing the support (A) 2735 – 2729 but cannot pierce it. Therefore, consider long trades near this zone with the first target of 2759 and the second one at the October high of 2790.
If the asset breaks through the support (A) from below today, the correction will extend to the support (B) 2707 – 2699, the short-term uptrend’s boundary. Thus, consider long trades near this zone.Â
XAUUSD trading ideas for today:
Buy at support (A) 2735 – 2729. TakeProfit: 2759, 2790. StopLoss: 2723.
Euro/Dollar forecast for today: EURUSD analysis
The euro is developing a correction within the short-term downtrend. Yesterday, the price tested the resistance (A) 1.0884 – 1.0873. During the European trading session, the price pierced this area. However, during the American session, the price returned to 1.0884 – 1.0873.
Today, one may look for favorable entry points for short trades near strong resistances. If the asset breaks through the resistance (A) today, the correction will continue to the resistance (B) 1.0946 – 1.0929. Consider short trades near this zone with the first target of 1.0853 and the second one near 1.0761.
EURUSD trading ideas for today:
Sell at resistance (B) 1.0946 – 1.0929. TakeProfit: 1.0853, 1.0761. StopLoss: 1.0977.
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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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