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 continues to trade in a short-term uptrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil failed to reach the support (A) 75.45 – 75.12. Instead, the price rose to the resistance 77.51 – 77.34 and rebounded.
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XAUUSD: gold is trading in a downward correction. The target is likely near the support (A) 2429 – 2424.
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EURUSD: yesterday, the euro corrected to the support (A) 1.0963 – 1.0955. Today, long trades can be considered in this area.
Oil price forecast for today: USCrude analysis
Oil is trading in a downward correction within the short-term uptrend. Yesterday, the price failed to reach the support (A) 75.45 – 75.12 and rose to the resistance 77.51 – 77.34. Short trades initiated at this resistance caused the asset to drop to 76.62.
If the decline continues today, the price may test the support (A). After that, long trades can be considered with the first target of 76.94 and the second one of 78.75.
Should the quotes break through the resistance 77.51 – 77.34 today, consider long trades at the 77.34 level with the target of 78.75.
USCrude price forecast for today:
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Buy according to the pattern at support (A) 75.45 – 75.12. TakeProfit: 76.94, 78.75. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 73.80 – 73.30. TakeProfit: 78.75. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold continues to trade in a short-term uptrend. Yesterday, the price failed to test the support (A) 2429 – 2424. Today, the asset will likely try to test this zone again. After that, consider long trades according to the pattern with the first target of 2452 and the second one of 2479. If the price breaches and consolidates above 2479, the uptrend will continue with the target in the upper Target Zone 2529 – 2514.
An alternative scenario suggests that the price will break through the support (A). If so, the correction will continue to the support (B) 2404 – 2397, the trend’s boundary.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2429 – 2424. TakeProfit: 2452, 2479. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 2404 – 2397. TakeProfit: 2479. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
On August 15, the euro traded in a downward correction. As a result, the asset tested the support (A) 1.0963 – 1.0955, but bulls managed to hold the price above this zone. Therefore, consider long trades in this zone with the first target of 1.1001 and the second one of 1.1047 today.
If the euro breaches the support (A), a deeper correction with the target at the support (B) 1.0921 – 1.0908 will start. The support (B) is the short-term uptrend’s boundary. In this connection, long trades can be considered once the price tests this zone.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.0963 – 1.0955. TakeProfit: 1.1001, 1.1047. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.0921 – 1.0908. TakeProfit: 1.1047. 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.