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 has failed to break through the resistance 59.32 – 58.93.
The article covers the following subjects:
Major Takeaways
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USCrude: oil has returned below the resistance (B) 59.32 – 58.93.
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XAUUSD: gold breaks through the support (A) 3360 – 3352.
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EURUSD: the euro is poised to plunge below last week’s low.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil tested the short-term downtrend’s key resistance 59.32 – 58.93 during an upward correction. However, bears managed to keep the asset below this zone, causing the price to drop.
The first bearish target is 57.17, while the second one is the May 5 low. Therefore, consider holding short trades today.
If the price soars and settles above yesterday’s high, the short-term downtrend will reverse. In this case, consider long trades tomorrow.
USCrude Trading Ideas for Today:
Hold up sales opened at resistance (B) 59.32 – 58.93. TakeProfit: 57.17, 55.05. StopLoss: 60.09.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold climbed to the first bullish target around 3393 after testing the support (A) 3360 – 3352. However, the asset failed to consolidate above this zone. Consequently, the price is declining today.
Currently, gold is testing the support (A). Thus, it may also reach the support (B) 3322 – 3311, the short-term uptrend’s boundary. In this connection, consider long trades with the first target of 3373 and the second one near the May 6 high.
XAUUSD Trading Ideas for Today:
Buy near support (B) 3322 – 3311. TakeProfit: 3373, 3435. StopLoss: 3290.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a short-term downtrend. This week, the price attempted to test the resistance (A) 1.1415 – 1.1401 during an upward correction. However, the asset has failed to pierce this zone. Instead, the price is falling and will likely slump below last week’s low of 1.1265.
If so, the key resistance levels should be shifted. In this scenario, the downtrend may continue, and the price may reach the Target Zone 1.1165 – 1.1124.
EURUSD Trading Ideas for Today:
Sell near resistance (A) 1.1415 – 1.1401. TakeProfit: 1.1340, 1.1265. StopLoss: 1.1442.
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Price chart of USCRUDE in real time mode
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