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.
Gold corrected to the key support level.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Oil continues to fall within the short-term downtrend. The downside target is the May 15 low. If the price consolidates below this level, it may break through the Target Zone 77.11 – 76.12. If so, the next bearish target will be the Gold Zone 73.81 – 73.48.
The price should break through the key resistance 81.81 – 81.31 and consolidate above it to change the current trend and create buying opportunities.
USCrude trading ideas for today:
Hold up sales at resistance (A) 79.99 – 79.66. TakeProfit: 76.44. StopLoss: at the breakeven.
Gold forecast for today: XAUUSD analysis
Gold corrected to the key support 2375 – 2367 within the short-term uptrend. Bears have managed to pierce this zone. If the price closes lower in the US trading session, the uptrend will likely reverse. If the trend changes, consider selling with the target within the lower Target Zone 2300 – 2285.
If the price holds above the key support and returns to 2375 – 2367, long trades can be opened according to the pattern with the target of 2450.
XAUUSD trading ideas for today:
Buy according to the pattern at support (B) 2375 – 2367. TakeProfit: 2450. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro is trading in a short-term uptrend. Yesterday, the price tested support (A) 1.0811 – 1.0802, considering the margin of error. This zone has strong levels near which long trades can be considered. If the pattern appears, buying the euro with the target of 1.0853 will be profitable. Breaking through 1.0853, the price will likely surge to the May 16 high.
If the pair breaches support (A) today, the correction will continue to support (B) 1.0769 – 1.0756. From this area, long trades with the same targets can also be opened.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.0811 – 1.0802. TakeProfit: 1.0853, 1.0895. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.0769 – 1.0756. TakeProfit: 1.0853, 1.0895. StopLoss: according to the pattern rules.
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Price chart of XAUUSD 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.