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.
Today, oil prices opened with an upward gap following US military strikes on Iran.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has bounced off the support B of 69.85–69.53 and is poised to break through the Target Zone 2 of 71.93–71.50.
- XAUUSD: Gold has pierced the Gold Zone of 5,271–5,249 and is climbing toward the Target Zone 2 of 5,504–5,462.
- EURUSD: The euro has plunged below the February low near the Target Zone of 1.1758–1.1725.
Oil Price Forecast for Today: USCrude Analysis
Today, oil prices opened with an upward gap amid US hostilities against Iran. As a result, the price broke above the Target Zone 2 of 71.93–71.50. However, after that, a bearish correction started, and the price tested the key support of the short-term uptrend at 69.85–69.53. Large long trades were opened near this zone. Thus, oil prices started growing again and are now testing the Target Zone 2.
If the asset breaks above the Target Zone 2, the next bullish target will be the Gold Zone 2 of 73.85–73.64. If the asset breaks below the support B of 69.85–69.53, the short-term trend will turn bearish.
USCrude Trading Ideas for Today:
Buy near support B of 69.85–69.53. TakeProfit: 71.30, 73.04. StopLoss: 68.65.
Gold Forecast for Today: XAUUSD Analysis
Gold has opened with a gap and penetrated the Gold Zone of 5,271–5,249. Now the bullish target is the Target Zone 2 of 5,504–5,462. If the price breaks above this zone, the next bullish target will be the Gold Zone 2 of 5,695–5,674.
Long trades can be considered during a correction at the strong support A of 5,181–5,160 and support B of 5,075–5,044, with the target at today’s high. If the asset exceeds this high, the support zones should be shifted.
XAUUSD Trading Ideas for Today:
Buy near support A of 5,181–5,160. TakeProfit: 5,277, 5,394. StopLoss: 5,109.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro price has dropped below the February low near the Target Zone of 1.1758–1.1725. The short-term trend remains bearish.
If the euro settles below the Target Zone, the next bearish target will be the Gold Zone of 1.1650–1.1639. If not, an upward correction may occur.
If a correction develops, the EURUSD pair may reach the resistance A of 1.1855–1.1844. Once this zone is tested, consider short trades with the first target at 1.1795 and the second one near today’s low of 1.1736.
EURUSD Trading Ideas for Today:
Sell near resistance A of 1.1855–1.1844. TakeProfit: 1.1795, 1.1736. StopLoss: 1.1881.
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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