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.
The oil short-term trend turned down.
Oil price forecast for today: USCrude analysis
The oil short-term trend turned down yesterday. The price broke out the trend key support 77.42 – 76.89. Now, the downside target is the lower Target Zone 72.17 – 71.12.
It is relevant to sell on the correction when the price reaches resistance (A) 78.99 – 78.64 or resistance (В) 80.92 – 80.39. To enter a sell trade, one should expect the test of these zones and detect a corresponding pattern. The first downside target will be yesterday’s low.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (А) 78.99 – 78.64. TakeProfit: 75.20. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 80.92 – 80.39. TakeProfit: 75.20. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Yesterday, gold was corrected down to the trend key support zone 1912 – 1907. The zone hasn’t been broken out, and one could enter purchases according to the pattern today, the target will be the high of February 2.
If the trend key support is broken out and the price consolidated below, the gold short-term trend will turn down. In this case, it will be relevant to sell starting from the next trading day, the downside target will be lower Target Zone 1865 – 1855.
XAUUSD trading ideas for today:
Buy according to the pattern at support (В) 1912 – 1907. TakeProfit: 1959. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The EURUSD is being corrected towards the short-term key support. When the zone is tested, one could enter new purchases with a target at yesterday’s high. When the high is broken through, the next upside target will be Gold Zone 1.1081 – 1.1070.
If the trend key support is broken out, the short-term trend will turn down. In this case, it will be relevant to sell the euro versus the US dollar, and the downside target will be the lower Target Zone 1.0715 – 1.0683.
EURUSD trading ideas for today:
Buy according to the pattern at support (В) 1.0874 – 1.0858. TakeProfit: 1.1030. StopLoss: according to the pattern rules.
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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. 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.