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 continued to plunge in a short-term downtrend.
The article covers the following subjects:
Highlights and key points
USCrude: oil trades, opened at the short-term downtrend's key resistance 76.79 - 76.30, have reached the first bearish target. If the asset breaks through the 74.07 level, the decline will continue.
XAUUSD: gold is trying to breach the Target Zone 2529 - 2514. If so, the next bullish target will be 2569 - 2564.
EURUSD: the euro is testing the support (A) 1.1117 - 1.1109 while trading in a correction within the short-term uptrend.
Oil price forecast for today: USCrude analysis
Yesterday, oil maintained its short-term downtrend and reached the first bearish target near 74.07. Today, the price will likely try to break this level and continue falling to the target at the August 21 low. If the asset reaches below the August 21 low, trades, opened at the resistance (B) 76.79 - 76.30, will hit all bearish targets.
If oil does not drop below the 74.07 level, an upward correction will start, and the price will try to break through the short-term downtrend's key resistance 76.79 - 76.30. If the asset pierces and consolidates above this zone, the downtrend will reverse.
USCrude trading ideas for today:
Hold up sales opened at resistance (B) 76.79 - 76.30. TakeProfit: 71.35. StopLoss: at the breakeven.
Gold forecast for today: XAUUSD analysis
Gold continues to trade in a short-term uptrend. Today, the price is attempting to breach the upper Target Zone 2529 - 2514. If so, the next bullish target will be the Gold Zone 2569 - 2564.
Consider long trades on a correction at the strong support (A) 2481 - 2476 and support (B) 2456 - 2449. The August 20 high will be the main bullish target.
XAUUSD trading ideas for today:
Buy according to the pattern at support (A) 2481 - 2476. TakeProfit: 2530. StopLoss: according to the pattern rules.
Buy according to the pattern at support (B) 2456 - 2449. TakeProfit: 2530. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro continued its downward correction and reached the support (A) 1.1117 - 1.1109. The short-term trend remains upward. Therefore, consider long trades with the first target of 1.1155 and the second one of 1.1201 if a corresponding pattern appears near the support (A) today.
If the asset breaches the support (A) today, the correction will continue to the support (B) 1.1075 - 1.1063, the short-term uptrend's boundary. Thus, after reaching the support (B), one may consider long trades with the main target of 1.1201.
EURUSD trading ideas for today:
Buy according to the pattern at support (A) 1.1117 - 1.1109. TakeProfit: 1.1155, 1.1201. StopLoss: according to the pattern rules.
Buy according to the pattern at support (B) 1.1075 - 1.1063. TakeProfit: 1.1201. StopLoss: according to the pattern rules.
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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.
