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.
Yesterday, the euro reached above the May 3 high.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Yesterday, oil reached the main selling target of 78.77. The price went below the May 13 low. After that, the asset started another bullish correction. Today, oil is approaching resistance 78.77. If bears keep the price below this level, consider selling oil with the target of 77.33.
If bulls manage to push the price above 78.77 and fix it above this level, the correction will continue to resistance (A) 80.03 – 79.73. After testing this area, consider short trades according to the pattern.
USCrude trading ideas for today:
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Sell according to the pattern at 78.77. TakeProfit: 77.33. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (A) 80.03 – 79.73. TakeProfit: 77.33. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Yesterday, gold reached its first buying target near support (A) 2328 – 2323, testing the level of 2353. Today, the price is trading above 2353, indicating a likely continuation of the uptrend. The second bullish target is the May 10 high. If the price consolidates above this level, it may reach the upper Target Zone 2422 – 2409.
If the price corrects to the downside, it will remain to watch how market participants act near strong support (A) 2328 – 2323 and support (B) 2303 – 2295.
XAUUSD trading ideas for today:
Hold up purchases at support (А) 2328 – 2323. TakeProfit: 2376. StopLoss: at the breakeven.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro reached above the May 3 high after the US manufacturing inflation (PPI) report. The next bullish target within the short-term uptrend is the Target Zone 1.0878 – 1.0853. If the zone is breached, the new target will be within the Gold Zone 1.0945 – 1.0937.
In this connection, long trades can be opened on corrections from strong support (A) 1.0744 – 1.0735 and support (B) 1.0702 – 1.0689. Today’s high will be the first buying target.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.0744 – 1.0735. TakeProfit: 1.0827. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.0702 – 1.0689. TakeProfit: 1.0827. StopLoss: according to the pattern rules.
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Price chart of EURUSD 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.
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