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, the euro traded in a downward correction.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is maintaining an upward correction. The potential targets of the correction are the resistance (A) or resistance (B). Short trades can be considered after reaching these zones.
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XAUUSD: gold is trading in a downward correction within the short-term uptrend. The asset tested the support (A) yesterday. Consider long trades according to the pattern today.
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EURUSD: the euro is correcting downward within the short-term uptrend. Once the price tests strong supports, consider long trades.
Oil price forecast for today: USCrude analysis
Oil is trading in an upward correction. The correction’s probable target is the resistance (A) 74.98 – 74.65. After testing this zone, one may consider short trades according to the pattern with the main target at the August 21 low.
If the asset breaks through the resistance (A), the correction will continue to the resistance (B) 76.79 – 76.30, the short-term downtrend’s boundary. Consider short trades in this zone.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (A) 74.98 – 74.65. TakeProfit: 71.42. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 76.79 – 76.30. TakeProfit: 71.42. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Yesterday, gold reached the support (A) 2481 – 2476 during a correction within the short-term uptrend. Bulls have managed to hold the price above this area. If a bullish pattern emerges today, consider long trades with the first target of 2504 and the second one of 2531.
If the asset breaches the support (A) today, the correction will continue to the trend’s boundary 2456 – 2449. Once the price tests the boundary, consider long trades according to the pattern.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2481 – 2476. TakeProfit: 2530. StopLoss: according to the pattern rules.
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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 corrected downward. The short-term trend remains upward.
If the correction continues today, the price may test the support (A) 1.1090 – 1.1081. Once the asset tests this zone and a buy signal emerges, one may consider long trades. The first bullish target will be the 1.1127 level, and the second one will be the August 21 high of 1.1174.
If the price breaks through the support (A) today, the correction will continue to the support (B) 1.1048 – 1.1035, the trend’s boundary. Once this zone is tested, one may consider long trades.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.1090 – 1.1081. TakeProfit: 1.1127, 1.1174. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.1048 – 1.1035. TakeProfit: 1.1174. StopLoss: according to the pattern rules.
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Price chart of EURUSD 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.