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 is trading in an upward correction.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is rising within a correction and approaching resistance (A) 64.75 – 64.44.
- XAUUSD: Gold continues trading in a short-term downtrend.
- EURUSD: The euro broke below support (A) 1.1614 – 1.1602.
Oil Price Forecast for Today: USCrude Analysis
Oil quotes are correcting higher and approaching resistance (A) 64.75 – 64.44. Once this area is reached, consider new shorts with the first target at 63.04. The second sell target will be the August low near 61.34.
If resistance (A) is broken to the upside, the correction will continue up to the resistance (B) 66.46 – 65.99. This zone marks the boundary of the current trend. Therefore, consider selling from this level, too.
USCrude Trading Ideas for Today:
Sell near resistance (A) 64.75 – 64.44. TakeProfit: 63.04, 61.34. StopLoss: 65.33.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading within a short-term downtrend. Market participants are attempting to keep the price below the 3,330 level. If they succeed, the next sell target will be the July low around 3,268. If the price consolidates below this low, the next target will be the Target Zone 3,214 – 3,191.
However, if the price rises and breaks above resistance (B) at 3,391 – 3,380, the short-term trend will reverse to bullish. In that case, starting from the next trading day, long positions may be considered, targeting the upper Target Zone 3,515 – 3,493.
XAUUSD Trading Ideas for Today:
Hold a part of shorts near resistance (B) 3,391 – 3,380. TakeProfit: 3268. StopLoss: breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is trading in a correction to a short-term uptrend. Today, the price has broken below support (A) 1.1614 – 1.1602. If the quotes consolidate below this support, the correction will extend to the trend boundary at 1.1556 – 1.1538. After testing the trend boundary, new long positions may be considered with the first target at 1.1634 and the second target near 1.1730. Long positions may also be considered if the price returns to support (A).
To sell the pair and reverse the trend, traders have to break through the level of 1.1538 and consolidate below it.
EURUSD Trading Ideas for Today:
Buy near support (B) 1.1556 - 1.1538. TakeProfit: 1.1634, 1.1730. StopLoss: 1.1504.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
P.S. Did you like my article? Share it in social networks: it will be the best "thank you" :)
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
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 broker. 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 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
