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 corrected to the resistance (A).
The article covers the following subjects:
Highlights and key points
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USCrude: oil is testing the resistance (A) 74.39 – 74.09. If the price settles below this zone, consider short trades with targets of 72.75 and 71.12.
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XAUUSD: gold is still trading in a short-term downtrend. The asset reached the first target near 2391. The second bearish target is the August 5 low.
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EURUSD: the euro is growing after hitting the support (A) 1.0924 – 1.0916. The first bullish target is the 1.0963 level, and the second one is the August 5 high.
Oil price forecast for today: USCrude analysis
Oil corrected to the resistance (A) 74.39 – 74.09 and is trying to break through this zone. If so, the correction will continue to the resistance (B) 76.03 – 75.58. If the price returns below the 74.09 level, a sell signal will be generated.
If a sell signal emerges, consider short trades with the first target of 72.75 and the second one of 71.12. Once the 71.12 level is breached, the price may hit the Target Zone 70.57 – 70.05.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (A) 74.39 – 74.09. TakeProfit: 72.75, 71.12. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 76.03 – 75.58. TakeProfit: 71.12. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold continues to trade in a short-term downtrend. The second bearish target after the price touched the resistance (A) 2419 – 2414 is the August 5 low near 2364. If the asset consolidates below this mark, the decline will likely continue with the target within the Target Zone 2327 – 2312.
If a deeper correction unfolds, the price will break through the resistance (A). After that, the correction will continue to the resistance (B) 2446 – 2439. Once this zone is reached, one may consider short trades again.
XAUUSD trading ideas for today:
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Hold up sales opened at resistance (A) 2419 – 2414. TakeProfit: 2364. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 2446 – 2439. TakeProfit: 2364. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro is growing after reaching the support (A) 1.0924 – 1.0916 within a short-term uptrend. The first bullish target is the 1.0963 level, and the second one is the August 5 high. Therefore, consider holding long trades opened at the support (A) today. Once the asset hits the first bullish target, the rest of the trades can be shifted to the breakeven.
If a deeper correction emerges, the price will breach and consolidate below the support (A). The decline will then continue with the target at the support (B) 1.0882 – 1.0870, the trend’s boundary. In this connection, consider long trades in this zone.
EURUSD trading ideas for today:
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Hold up long trades opened at support (A) 1.0924 – 1.0916. TakeProfit: 1.0963, 1.1008. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.0882 – 1.0870. TakeProfit: 1.1008. 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.