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 is trying to break through the upper Target Zone.
The article covers the following subjects:
Highlights and key points
USCrude: oil started an upward correction after reaching its first bearish target near the 74.07 level. Now, the price is approaching the trend's boundary of 76.79 - 76.30 again.
XAUUSD: gold is trying to break through the Target Zone 2529 - 2514. If so, the next bullish target will be the Gold Zone 2571 - 2566.
EURUSD: the euro is testing the support (B) 1.1075 - 1.1063 in a correction within a short-term uptrend. Consider long trades near this zone.
Oil price forecast for today: USCrude analysis
Once oil trades, opened at the short-term downtrend's key resistance 76.79 - 76.30, reached the first bearish target, an upward correction unfolded again. Yesterday, the price grew to the trend's boundary, and the asset will probably try to breach it today. If so, the downtrend will reverse. In this case, consider long trades with the target near the upper Target Zone 81.18 - 80.29.
However, if the decline continues and the price pierces the 74.07 level, the asset will hit the second bearish target near the August 21 low of 71.35
USCrude trading ideas for today:
Watch the market.
Gold forecast for today: XAUUSD analysis
Gold is trying to break through the upper Target Zone 2529 - 2514. If so, the next bullish target will be the Gold Zone 2571 - 2566. If the price fails to pierce this zone, a downward correction will occur. The correction target will be the test of the support (A) 2481 - 2476. If bulls manage to hold the price above this area, one may consider long trades with the targets of 2504 and 2531. Once the quote breaches the support (A), a correction to the support (B) 2452 - 2445, the trend's boundary, may start. After reaching this area, consider long trades.
XAUUSD trading ideas for today:
Buy according to the pattern at support (A) 2481 - 2476. TakeProfit: 2504, 2531. StopLoss: according to the pattern rules.
Buy according to the pattern at support (B) 2456 - 2449. TakeProfit: 2531. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro broke through the support (A) 1.1117 - 1.1109 and touched the support (B) 1.1075 - 1.1063, the short-term uptrend's boundary. Therefore, consider long trades near this zone with the first target of 1.1132 and the second one of 1.1201. If the price consolidates above the 1.1201 level, the asset will likely breach the Target Zone 2.
If the price pierces and consolidates below the support (B), the short-term uptrend will reverse. In this case, consider short trades next week. The lower Target Zone 1.0949 - 1.0924 will be the bearish target.
EURUSD trading ideas for today:
Buy according to the pattern at support (B) 1.1075 - 1.1063. TakeProfit: 1.1132, 1.1201. StopLoss: according to the pattern rules.
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Price chart of XAUUSD 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.
