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 a short-term downtrend yesterday.
The article covers the following subjects:
Major Takeaways
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USCrude: oil has reached the first bearish target near 68.68.
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XAUUSD: gold is trying to break through the support (B) 2634 – 2626.
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EURUSD: the euro is trading near the resistance (B) 1.0484 – 1.0470, the short-term downtrend’s boundary.
Oil Price Forecast for Today: USCrude Analysis
Oil continued to trade in a short-term downtrend yesterday. As a result, the price has hit the first bearish target near 68.68. The second target is 66.51. The asset should fall and consolidate below today’s low to continue the decline.
If the price starts to grow today, the asset may continue to correct and test the resistance (B) 70.85 – 70.45 again. If so, oil may pierce this area and reverse the downtrend.
USCrude Trading Ideas for Today:
Hold up sales opened at resistance (B) 70.85 – 70.45. TakeProfit: 66.51. StopLoss: at the breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold continued to trade in a correction within the short-term uptrend yesterday. As a result, the price has broken through the support (A) 2663 – 2657 and reached the support (B) 2634 – 2626. If the price pierces and consolidates below this area, the short-term uptrend will reverse. In this case, consider short trades with the main target near the lower Target Zone 2548 – 2531, starting from tomorrow.
However, if the price grows above the resistance (B) today, one may consider long trades with the first target near 2673 and the second one of 2721.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro tried to reverse the short-term downtrend. The price should settle above the resistance (B) 1.0484 – 1.0470 in the US trading session to reverse the trend. The chart shows that the price closed within the 1.0484 – 1.0470 area in the US trading session yesterday. As a result, the asset has declined and retreated below the resistance (B) today.
Once a pattern appears near the resistance (B), consider short trades with the first target of 1.0408 and the second one near 1.0332.
If the price closes above the resistance (B) in the US trading session today, the short-term downtrend will reverse. In this case, consider long trades with the main target in the upper Target Zone 1.0636 – 1.0608, starting from tomorrow.
EURUSD Trading Ideas for Today:
Watch the market.
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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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