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Hello fellow traders! I have prepared price forecasts for the US crude, XAU/USD and EUR/USD pairs using a combination of margin zone methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Oil continues upward correction.
The article covers the following topics:
Key points and highlights
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US Crude Oil: Oil reached the resistance level (B) 76.03 – 75.58 yesterday. If the price remains below this area, the asset will decline to the first target at 73.57.
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Gold vs. US Dollar: Gold is trading in an upward correction within a short-term downtrend. Yesterday, the price broke the resistance level (A) 2419 – 2414. The next target for the correction is the resistance level (B) 2446 – 2439.
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EURUSD: Euro is rising after reaching support level (B) 1.0882 – 1.0870. The first upside target is the level of 1.0939, the second target is the high recorded on August 5.
Oil Price Forecast Today: US Crude Analysis
oil The price maintains an upward correction. Yesterday, the price reached the key resistance of the short-term downtrend 76.03 – 75.58. Today, the asset is likely to test this area again. If the bears manage to keep the price below this area, and a selling pattern appears, consider short trades with the first target at 73.57 and the second near the August 5 low at 71.12.
If the price breaks the resistance level (B) 76.03 – 75.58 today, the short-term downtrend will reverse. In this case, consider long trades with the target near the upper target area 79.70 – 78.92.
Oil Price Forecast Today: US Crude Analysis
Sell according to the pattern at the resistance level (B) 76.03 – 75.58. Take profit: 73.57, 71.12. Stop loss: according to the pattern rules.
Gold Forecast Today: Gold/USD Analysis
gold The price continues its upward correction within a short-term downtrend. Yesterday, the price broke the resistance (A) 2419 – 2414. Today, the correction is likely to continue to the resistance (B) 2446 – 2439, the trend limit. Once the price reaches this level and a reversal pattern appears, sell trades can be considered. The first downside target will be the 2405 level, and the second will be the low of August 5 at 2364.
The asset is expected to break and settle above the 2446 level to reverse the trend and create buying opportunities.
XAUUSD Trading Ideas for Today:
Sell according to the pattern at resistance (B) 2446 – 2439. Take profit: 2405, 2364. Stop loss: according to the pattern rules.
EUR/USD Forecast for Today: EUR/USD Analysis
the euro The pair reached the key support of the short-term uptrend 1.0882 – 1.0870 yesterday. The bulls managed to keep the price above this area, and now the price is rising. Therefore, consider holding long positions with the first target at 1.0939 today. If the price breaks this level, the next upside target will be the high of August 5 at 1.1008. Long positions can be considered on the correction with a stop loss order placed below the low of August 8.
The price must break and stabilize below the support level (B) 1.0882 – 1.0870 to allow traders to open sell trades and reverse the trend. In this case, the short-term uptrend will reverse, and the downside target will be the lower target area 1.0756 – 1.0731.
EUR/USD Trading Ideas Today:
Buy according to the pattern at support (b) 1.0882 – 1.0870. Take profit: 1.0939, 1.1008. Stop loss: according to the pattern rules.
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USCRUDE Real Time Price Chart
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