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.
Oil prices extended the short-term uptrend yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is bouncing off the boundary of the short-term uptrend at 77.32–77.00, reaching the first bullish target at 78.77.
- XAUUSD: Gold is testing the support B at 5,101–5,069 within the short-term uptrend.
- EURUSD: The euro has plunged to its first bearish target near 1.1589.
Oil Price Forecast for Today: USCrude Analysis
Oil prices continued to rally yesterday. Consequently, the long trades opened at the support A at 74.93–74.72 were closed with a profit. The price also pierced the Gold Zone at 77.86–77.65 and climbed to the Target Zone 2 at 80.21–79.78.
After reaching the Target Zone 2, the oil price declined to the key support of the short-term uptrend at 77.32–77.00. Large long positions were initiated near this zone, so the asset began to rise, reaching the first bullish target of 78.77 today. The next target is yesterday’s high of 80.52.
USCrude Trading Ideas for Today:
Hold long trades opened near support B at 77.32–77.00. TakeProfit: 80.52. StopLoss: at breakeven.
Gold Forecast for Today: XAUUSD Analysis
The gold price is testing the key support of the short-term uptrend at 5,101–5,069. Bulls are keeping the asset above this zone. Therefore, once a bullish pattern appears, consider long trades with the first target at 5,244. The second target will be the March 2 high of 5,419.
If the price breaks below the support B today, the short-term trend will turn bearish. In this case, consider short trades with the main target in the lower Target Zone of 4,783–4,719 on the next trading day.
XAUUSD Trading Ideas for Today:
Hold long trades near support B at 5,101–5,069. TakeProfit: 5,244, 5,419. StopLoss: 5,009.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro price is maintaining its short-term downtrend. The asset has reached the first bearish target of 1.1589. The next target is the March 3 low of 1.1530. Therefore, consider holding part of the short trades opened at the resistance A at 1.1649–1.1638 at the breakeven level.
If the EURUSD price climbs and breaks above the resistance A at 1.1649–1.1638 today, the correction will continue to the trend boundary at 1.1708–1.1692. Once this zone is tested, consider short trades with the main target at the March 3 low.
EURUSD Trading Ideas for Today:
Hold part of short trades opened at resistance A at 1.1649–1.1638. TakeProfit: 1.1590, 1.1530. StopLoss: at breakeven.
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Price chart of USCRUDE in real time mode
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