I welcome my fellow traders! I made a price forecast for US crude, XAUUSD and EURUSD using a combination of marginal zone methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Euro is trading in a short-term downtrend.
The article covers the following topics:
Oil price forecast for today: USCrude analysis
The oil price, after the correction to the short-term downward trend, reached resistance (A) 81.45 – 80.88. The zone was broken, so the correction could continue until resistance (В) 83.51 – 82.76. If this zone is held by sellers, the downtrend will resume, and the price could fall to the November 21 low.
If resistance (B) is broken, the short-term oil trend will emerge. If so, one could go in to buy trades starting tomorrow.
USCrude business ideas for today:
Sell according to the pattern in resistance (B) 83.51 – 82.76. TakeProfit: 75.41. StopLoss: according to the pattern rules.
Gold price forecast for today: XAUUSD analysis
Gold is still trading in the short-term downtrend. The downside target is the lower Target Zone 1700 – 1692. Sellers are trying to break through the November 21 low. If the low is broken, resistance (A) (currently in the zone of 1763 – 1761) will have to be reviewed. .
If the market does not pass the minimum of November 21, the correction will continue until resistance (A) 1763 – 1761. When this zone is reached by the price, one could enter new selling trades.
The trend limit is in the zone of 1779 – 1775.
XAUUSD business ideas for today:
Sell according to the pattern in resistance (А) 1763 – 1761. TakeProfit: 1733. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Euro is trading in the short-term downtrend. The downside is going through the November 21 low.
The market traded up in the correction yesterday. The price, after the correction, reached resistance (A) 1.0339 – 1.0328 today. Unless the resistance is broken, sell trades could be entered in the pattern with a target at the November 21 low.
If the resistance (A) is broken, the price should go up to the resistance (B) 1.0397 – 1.0381. One could also consider entering shorts in the second resistance zone, which is the limit of the short-term downtrend.
EURUSD business ideas for today:
Sell according to the pattern in resistance (A) 1.0339 – 1.0328. TakeProfit: 1.0225. StopLoss: according to the pattern rules.
Sell according to the pattern in resistance (B) 1.0397 – 1.0381. TakeProfit: 1.0225. StopLoss: according to the pattern rules.
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EURUSD price chart in real time mode
The content of this article reflects the opinion of the author and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for information purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.