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 maintains an upward correction.
The article covers the following subjects:
Highlights and key points
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USCrude: oil reached the resistance (B) 76.03 – 75.58 yesterday. If the price remains below this zone, the asset will decline to the first target of 73.57.
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XAUUSD: gold is trading in an upward correction within the short-term downtrend. Yesterday, the price breached the resistance (A) 2419 – 2414. The next target of the correction is the resistance (B) 2446 – 2439.
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EURUSD: the euro is growing after hitting the support (B) 1.0882 – 1.0870. The first bullish target is the 1.0939 level, and the second one is the August 5 high.
Oil price forecast for today: USCrude analysis
Oil maintains an upward correction. Yesterday, the price reached the short-term downtrend’s key resistance 76.03 – 75.58. Today, the asset will likely test this zone again. If bears manage to hold the price below this area, and a sell pattern emerges, consider short trades with the first target of 73.57 and the second one near the August 5 low of 71.12.
If the price breaks through the resistance (B) 76.03 – 75.58 today, the short-term downtrend will reverse. In this case, consider long trades with the target near the upper Target Zone 79.70 – 78.92.
Oil price forecast for today: USCrude analysis
Sell according to the pattern at resistance (B) 76.03 – 75.58. TakeProfit: 73.57, 71.12. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold continues its upward correction within the short-term downtrend. Yesterday, the price broke through the resistance (A) 2419 – 2414. Today, the correction will likely continue to the resistance (B) 2446 – 2439, the trend’s boundary. Once the price reaches this level and a reversal pattern unfolds, short trades can be considered. The first bearish target will be the 2405 level, and the second one will be the August 5 low of 2364.
The asset should breach and consolidate above the 2446 level to reverse the trend and create buying opportunities.
XAUUSD trading ideas for today:
Sell according to the pattern at resistance (B) 2446 – 2439. TakeProfit: 2405, 2364. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro reached the short-term uptrend’s key support 1.0882 – 1.0870 yesterday. Bulls managed to keep the price above this zone, and now the price is growing. Thus, consider holding long trades with the first target of 1.0939 today. If the price breaks through this level, the next bullish target will be the August 5 high of 1.1008. Long trades can be considered on the correction with a stop-loss order set below the August 8 low.
The price should breach and consolidate below the support (B) 1.0882 – 1.0870 to allow traders to open short trades and reverse the trend. In this case, the short-term uptrend will reverse, and the bearish target will be the lower Target Zone of 1.0756 – 1.0731.
EURUSD trading ideas for today:
Buy according to the pattern at support (B) 1.0882 – 1.0870. TakeProfit: 1.0939, 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.