Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Oil extended its short-term uptrend yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: The oil price has bounced from the support B 59.37–59.09 and reached the first bullish target of 60.64.
- XAUUSD: Gold has tested the support A 4,768–4,756 and hit its first bullish target of 4,822.
- EURUSD: The euro is falling after reaching the resistance B 1.1755–1.1739 and is approaching its first bearish target of 1.1666.
Oil Price Forecast for Today: USCrude Analysis
The oil price continued its short-term uptrend yesterday, reaching its first bullish target of 60.64. The next target is 62.18. Therefore, consider holding some of the trades initiated near the support B 59.37–59.09 at the breakeven level.
If the asset declines today and pierces the support B, the short-term uptrend will reverse. In this case, consider short trades with a target in the lower Target Zone 56.57–56.01.
USCrude Trading Ideas for Today:
Hold part of long trades opened at support B 59.37–59.09. TakeProfit: 62.18. StopLoss: at the breakeven.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold prices dropped in a correction, reaching the support A 4,768–4,756 in the US trading session. However, bulls managed to keep the asset above this zone. After that, the price climbed to the first bullish target of 4,822. The next target is 4,888, which is in the upper Target Zone 4,898–4,874. If the precious metal breaks above this zone, it may soar to the Gold Zone 5,006–4,994.
The key support is shifting to 4,708–4,690. If the price reaches this zone today, new long trades can be considered.
XAUUSD Trading Ideas for Today:
Hold part of long trades opened near support A 4,768–4,756. TakeProfit: 4,888. StopLoss: at the breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro price is falling after hitting the key resistance of the short-term downtrend at 1.1755–1.1739 and is approaching the first bearish target near 1.1666. Once this level is reached, one may close part of short trades and move the rest to the breakeven level. The second bearish target will be the weekly low near 1.1577.
If the euro/dollar price rises and breaks above the resistance B 1.1755–1.1739, the downtrend will reverse. In this case, consider long trades with a target in the upper Target Zone 1.1933–1.1901.
EURUSD Trading Ideas for Today:
Hold short trades opened at resistance B 1.1755–1.1739. TakeProfit: 1.1666, 1.1577. StopLoss: 1.1771.
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Price chart of USCRUDE in real time mode
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