Technical analysis of US Crude, XAUUSD, and EURUSD for today (17 May 2022)


I welcome my fellow traders! I have made a price forecast for US Crude, 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.

The short-term oil uptrend continued.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The short-term oil uptrend continued. As a result, the Gold Zone 110.69 – 110.26 was broken out. The next growth target is the Target Zone 2 115.51 – 114.63. It is profitable to consider new oil purchases on correction at strong support levels.

The Additional Zone 110.43 – 110.21 and the Intermediary Zone 108.24 – 107.81 are strong support levels. To open a long trade, wait for the test of the levels indicated above and the formation of the corresponding buy pattern.

To enter oil sales and reverse the trend, traders need to break out level 107.81 downside.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 110.43 – 110.21. TakeProfit: 112.54. StopLoss: according to the pattern rules.

  2. Buy according to the pattern in Intermediary Zone 108.24 – 107.81. TakeProfit: 112.54. StopLoss: according to the pattern rules.


Gold price forecast for today: XAUUSD analysis

The previous week’s gold low was updated. The price unsuccessfully tried to reach the Target Zone 1782 – 1775. As a result, the price corrected and reached the trend key resistance of 1826 – 1822. This resistance has not been broken out, so today, it is profitable to look for sales according to the pattern. The sales targets will be yesterday’s low and a Target Zone 1782 – 1775.

However, if during the trading session the price breaks out level 1826 and consolidates above, then the short-term trend will reverse up. In this case, it will be possible to consider long trades with the target in the upper Target Zone 1865 – 1858.

XAUUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1826 – 1822. TakeProfit: 1787. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

After reaching the Gold Zone 1.0353 – 1.0344, the EURUSD corrected in the key resistance zone of the short-term downtrend 1.0455 – 1.0445. This zone is not broken out, so consider sales according to the pattern with the target at May 13 low.

An alternative scenario suggests the breakout of level 1.0455 and price consolidation above in the American session. In this case, the short-term trend will reverse up. Thus, from the next trading day, look for purchases with the target in the upper Target Zone 1.0560 – 1.0541.

EURUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1.0455 – 1.0445. TakeProfit: 1.0353. StopLoss: according to the pattern rules.


P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
  • Telegram chat for traders: https://t.me/liteforexengchat. We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex

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.

Rate this article:

value ( count title )





Source link

Leave a Reply

Your email address will not be published.