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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 price tested resistance (A) yesterday.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Yesterday, oil tested resistance (A) 79.99 – 79.66 but failed to reach above this area. Today, the price is retreating from resistance (A). If the short-term downtrend continues, the asset may plunge below the May 15 low.
If resistance (A) is broken through from below, oil price will likely test resistance (B) 81.81 – 81.31. This area is a trend boundary from which selling can also be considered.
USCrude trading ideas for today:
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Hold up sales at resistance (A) 79.99 – 79.66. TakeProfit: 78.20, 76.44. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 81.81 – 81.31. TakeProfit: 76.44. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is correcting within a short-term uptrend. The correction’s target is support (A) 2400 – 2395. After the price tests this zone, consider long trades with the target at the May 20 high.
If gold breaches support (A) from above today, the correction will continue to support (B) 2375 – 2367. From this zone, long trades can be opened with the target at the May 20 high.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2400 – 2395. TakeProfit: 2450. StopLoss: according to the pattern rules.
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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 attempting to extend its short-term bullish trend. However, the price is trading within a downward correction. In order to get favorable prices for buying, the EURUSD pair should fall to support (A) 1.0811 – 1.0802 and support (B) 1.0769 – 1.0756. If it reaches these zones, consider long trades with the target at the May 16 high.
If the price settles above the May 16 high, the next bullish target will be the Gold Zone 1.0945 – 1.0937.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.0811 – 1.0802. TakeProfit: 1.0893. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.0769 – 1.0756. TakeProfit: 1.0893. 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.
