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’s short-term uptrend continued yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil prices are rising, testing the Target Zone 63.61 – 62.83.
- XAUUSD: Gold is declining within a short-term downtrend.
- EURUSD: The euro pulled back to resistance (А) 1.1214 – 1.1201 as part of a correction.
Oil Price Forecast for Today: USCrude Analysis
Oil’s short-term uptrend continued yesterday, and market participants pushed the price beyond the high of May 12. The Target Zone 63.61 – 62.83 was also tested. If this zone is broken out from below, the next upside target will be the Gold Zone 65.70 – 65.44.
If the sellers hold the Target Zone, we can expect a bearish correction, with prices potentially reaching support (А) 60.85 – 60.59 or support (В) 59.55 – 59.16. After these levels are tested, consider opening new trend-following long positions.
USCrude Trading Ideas for Today:
Buy near support (А) 60.85 – 60.59. TakeProfit: 62.03, 63.46. StopLoss: 60.07.
Gold Forecast for Today: XAUUSD Analysis
Gold continues to trade in a short-term downtrend. If the May 12 low is broken today, market participants will likely attempt a breakout below the Target Zone 3210 – 3187. If this zone is broken out to the downside, the next sell target will be the Gold Zone 3135 – 3127.
If a correction develops, the price may rise to resistance (A) 3290 – 3282 or resistance (B) 3331 – 3320. New shorts can be considered in those areas, with a key target at the low of May 12.
XAUUSD Trading Ideas for Today:
Sell near resistance (А) 3290 – 3282. TakeProfit: 3249 – 3207. StopLoss: 3305.
Euro/Dollar Forecast for Today: EURUSD Analysis
EUR/USD traders failed to break through the Target Zone 1.1165 – 1.1124 and settle below it. Instead, the price is rising and approaching the resistance zone (A) 1.1214 – 1.1201. The short-term trend remains bearish. Thus, after a test of resistance (A), consider selling the instrument, with the first target at 1.1140 and the second one near the May 12 low of 1.1065.
A breakout above resistance (A) may trigger a correction to the key resistance area at 1.1289 – 1.1269, where selling opportunities remain attractive.
EURUSD Trading Ideas for Today:
Sell near resistance (А) 1.1214 – 1.1201. TakeProfit: 1.1140, 1.1065. StopLoss: 1.1240.
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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