Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
The oil price has plummeted.
The article covers the following subjects:
Major Takeaways
- USCrude: The oil price has reversed downward.
- XAUUSD: Gold has reached its second bullish target at the April 2 high.
- EURUSD: The euro has turned bullish.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil extended its short-term uptrend, reaching the second bullish target set for the trades opened at the support A of 100.92–100.38. This target was the 106.17 level.
However, the price failed to break above the Gold Zone and began to decline at the end of the US trading session. Today, the asset continued to drop, piercing the key support of the short-term trend at 98.41–97.59. As a result, the price plunged to the lower Target Zone of 90.21–88.57.
After that, a bullish correction started, and the asset tested the resistance A at 91.99–91.44. Bears managed to keep the oil price below this zone, so it fell to the first bearish target of 88.97. The next target is today’s low of 85.97.
USCrude Trading Ideas for Today:
Hold part of short trades opened at resistance A at 91.99–91.44. TakeProfit: 85.97. StopLoss: at breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a short-term uptrend. Today, the price reached the second bullish target of 4,800 and tested the Gold Zone at 4,832–4,814. Bears are keeping the asset below this zone.
If the gold price continues to rise and breaks above the Gold Zone, the next bullish target will be the Target Zone 2 at 4,972–4,941. If the metal remains below the resistance of 4,832–4,814, a downward correction may push the price down to the support A at 4,704–4,689. Once the asset reaches this zone, long trades can be considered with the first target at 4,774 and the second one around 4,858.
XAUUSD Trading Ideas for Today:
Buy near support A at 4,704–4,689. TakeProfit: 4,774, 4,858. StopLoss: 4,648.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro reversed its short-term downtrend, piercing the key resistance at 1.1589–1.1572. Today, the price is approaching the upper Target Zone of 1.1767–1.1734. If the asset breaks above this zone, the next bullish target will be the Gold Zone of 1.1853–1.1842.
Consider long trades during pullbacks at the strong support zone at 1.1600–1.1589, with the first target at 1.1649 and the second one at today’s high.
EURUSD Trading Ideas for Today:
Buy near support A at 1.1600–1.1589. TakeProfit: 1.1649, 1.1708. StopLoss: 1.1560.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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