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.
Yesterday, OPEC+ members agreed to cut oil production by 2 million barrels.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Yesterday, OPEC+ members agreed to cut oil production by 2 million barrels. The restrictions will take effect from November. Against this background, the oil price rose and will continue to grow in the future.
The short-term trend remains up. Yesterday, the Additional Zone 84.93 – 84.72 worked out. As a result, the local high of yesterday’s European session was updated. The next target for purchases is the Gold Zone 89.13 – 88.70.
Today, traders have new targets. Strong support levels are shifting to the Additional Zone 85.66 – 85.45 and the Intermediary Zone 83.55 – 83.13. After reaching any of the above zones, consider new purchases with the first target at yesterday’s high.
USCrude trading ideas for today:
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Buy according to the pattern in Additional Zone 85.66 – 85.45. TakeProfit: 87.71. StopLoss: according to the pattern rules.
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Buy according to the pattern in Intermediary Zone 83.55 – 83.13. TakeProfit: 87.71. StopLoss: according to the pattern rules.
Gold price forecast for today: XAUUSD analysis
Gold continues to strengthen within the short-term uptrend. October 4 high which is situated in the Target Zone 2, 1734 – 1728 serves as the growth target for today.
Consider long trades on correction in the Additional Zone 1715 – 1713; since yesterday, this support zone has been held by traders.
If during trading the Additional Zone is broken out downside and the price consolidates below, wait for the test of the Intermediary Zone 1700 – 1698. After the IZ test, consider purchases according to the pattern.
XAUUSD trading ideas for today:
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Buy according to the pattern in Additional Zone 1715 – 1713. TakeProfit: 1728. StopLoss: according to the pattern rules.
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Buy according to the pattern in Intermediary Zone 1700 – 1698. TakeProfit: 1728. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
As part of a strong EURUSD correction, sellers tried to break out the Intermediary Zone 0.9893 – 0.9883 and consolidate the price lower. However, the price in the American trading session closed within this key support level. Thus, the short-term uptrend continued.
Today traders are trying to strengthen the uptrend with the first target in the zone of 0.9951 – 0.9940. If this resistance zone is broken out upside, the growth will continue, and the October 4 high will be updated. Thus, the Target Zone 2 will be broken out, and the Gold Zone 2, 1.0076 – 1.0065 will become the new target for purchases.
If during today’s trading the Intermediary Zone 0.9893 – 0.9883 is broken out downside, and the price closes lower in the American trading session, the short-term trend will reverse down. In this case, starting tomorrow, consider sales with the first target at October 5 low and with the second target in the lower Target Zone 0.9787 – 0.9766.
EURUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 0.9893 – 0.9883. TakeProfit: 0.9998. StopLoss: according to the pattern rules.
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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.