Hello, my fellow traders! Here’s my forecast for US Crude, XAUUSD, and EURUSD made using margin zones and classical technical analysis. Based on this analysis, I made a list of entry signals for intraday traders.
Trending up in the short term, gold reached the Target Zone 1865 – 1858 yesterday.
The article covers the following subjects:
Oil Forecast for today: USCrude analysis
Oil traded in the Additional Zone 109.03 – 108.82 yesterday. This zone is a strong support level. As we are dealing with a short-term uptrend, we could open long positions in the Additional Zone according to the pattern with the first target at 23 May’s high and a second target in the upper Target Zone at 112.59 – 111.72.
If the upper Target Zone is broken out today, the next buying target will be the Gold Zone 116.53 – 116.09.
In an alternative scenario where we sell oil, the price is supposed to consolidate below the Additional Zone during the US session. If so, a correction will continue with a target at the trend’s boundary, 106.85 – 106.41.
Trading plan for USCrude for today:
Buy according to the pattern from Additional Zone 109.03 – 108.82. TakeProfit: 110.60, Target Zone 112.59 – 111.72. StopLoss: according to pattern rules.
Gold forecast for today: XAUUSD analysis
Gold’s short-term uptrend continued yesterday, and the local high was updated. The price attempted to consolidate above the Target Zone of 1865 – 1858 but failed. So, a correction is developing today. Its target could be to test the Additional Zone 1851 – 1849. Once that zone is tested, I suggest considering new longs according to the pattern with a target at yesterday’s high.
The trend’s boundary is moving to 1833 – 1830. If it is tested, we will look for a pattern to buy again.
Trading plan for XAUUSD for today:
Buy according to the pattern from Additional Zone 1851 – 1849. TakeProfit: 1869. StopLoss: according to pattern rules.
Buy according to the pattern from Intermediary Zone 1833 – 1830. TakeProfit: 1869. StopLoss: according to pattern rules.
Today’s forecast for the EURUSD: EURUSD analysis
The euro/dollar has reached the Target Zone 2, 1.0752 – 1.0733, following a short-term uptrend. Then, a correction began. Market participants are testing the Additional Zone 1.0700 – 1.0695 during the correction. That zone is a strong support level from which new longs could be opened according to the pattern with a target at yesterday’s high.
If the Additional Zone is broken to the downside in trading and the price consolidates below, the correction might continue with a target in the Intermediary Zone 1.0652 – 1.0642. The Intermediary Zone serves as the trend limit. Once it’s reached, a pattern to buy can be expected again. Then, we can open new longs.
Trading plan for EURUSD for today:
Buy according to the pattern from Additional Zone 1.0700 – 1.0695. TakeProfit: 1.0746. StopLoss: according to pattern rules.
Buy according to the pattern from Intermediary Zone 1.0652 – 1.0642. TakeProfit: 1.0746. StopLoss: according to pattern rules.
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Price chart of USCRUDE in real time mode
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