I welcome my fellow traders! I have made a price forecast for US Crude, 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 price broke out resistance (А) 76.47 – 76.12 in the correction to the short-term downtrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Yesterday, the oil price broke out resistance (A) in the correction to the short-term downtrend. The price reached the trend border 78.40 – 77.87. The zone has not been broken out, so it is still relevant to sell. The downside target is the low of January 5.
An alternative scenario suggests buying oil if the price breaks out level 78.40 and consolidates above. In this case, one could buy oil starting from the next trading day with the target at the upper Target Zone 84.17 – 83.12.
USCrude trading ideas for today:
Sell according to the pattern at resistance (В) 78.40 – 77.87. TakeProfit: 72.70. StopLoss: according to the pattern rules.
Gold price forecast for today: XAUUSD analysis
The gold price is breaking out the Target Zone 2, 1877 – 1870. If the price consolidates above TZ 2, the next upside target will be Gold Zone 2, 1905 – 1902. If the price rolls back under the resistance level of 1870, the correction could start and drive the price down to support (A) 1852 – 1848 and support (B) 1834 – 1829.
It is relevant to enter new purchases on the correction to the above-indicated support levels. Expect the zones test and enter long trades according to the pattern. The first upside target will be yesterday’s high.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (А) 1852 – 1848. TakeProfit: 1886. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (В) 1834 – 1829. TakeProfit: 1886. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Euro price could break out Target Zone 2, 1.0773 – 1.0752. If TZ 2 is broken out, the next upside target will be Gold Zone 1.0869 – 1.0858. It is relevant to enter new purchases on the correction to strong support levels.
Strong support levels are the zones of 1.0670 – 1.0659 and 1.0617 – 1.0601. Expect the test of these zones and enter long trades according to the pattern. The primary upside target is the high of January 11.
EURUSD trading ideas for today:
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Buy according to the pattern at support (А) 1.0670 – 1.0659. TakeProfit: 1.0775. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (В) 1.0617 – 1.0601. TakeProfit: 1.0775. StopLoss: according to the pattern rules.
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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.