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.
Short-term forecast for oil, gold, and euro-dollar today. Oil gapped up on news about the Strait of Hormuz.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil’s short-term trend reversed to the upside.
- XAUUSD: Gold is testing the support A at 4,704–4,689.
- EURUSD: The euro is correcting after reaching the Target Zone of 1.1767–1.1734.
Oil Price Forecast for Today: USCrude Analysis
Today, oil opened with a gap up due to the US blockade of the Strait of Hormuz. The chart also shows that the short-term trend turned bullish following a breakout above the resistance zone B at 95.00–94.18. Therefore, today’s trading bias is bullish. Look for buying opportunities on pullbacks from strong support levels.
The nearest support zone is at 92.66–92.11. If the price corrects to this area, long positions can be considered, with the first target at 95.14 and the second target near today’s high.
USCrude Trading Ideas for Today:
Buy near support A at 92.66–91.22. TakeProfit: 95.14, 98.13. StopLoss: 90.81.
Gold Forecast for Today: XAUUSD Analysis
Gold prices opened with a gap down today. Market participants attempted to consolidate below the support A at 4,704–4,689. However, by the European trading session, the price returned to the support A. Therefore, long positions are the priority today. To open trades, wait for a pattern to form on the chart. The first upside target is 4,774. The second target is the April 8 high at 4,858.
If prices resume declining during the session and today’s low is broken, the price will test the support B at 4,628–4,605. This zone marks the boundary of the short-term uptrend, which may also serve as a point to enter long positions.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
Last week, market participants reached the upper target zone of 1.1767–1.1734 within the short-term uptrend. Today, trading opened with a gap down, and the price moved into a correction. If the correction continues, the price may reach the support A at 1.1631–1.1620. Once this zone is tested, new longs can be considered with the first target at 1.1680 and the second one near 1.1739.
If the support A is broken to the downside during trading, the correction is expected to continue toward the support B at 1.1577–1.1561. This zone marks the trend boundary. Therefore, as long as the price remains above it, long positions remain preferable.
EURUSD Trading Ideas for Today:
Buy near support A at 1.1631–1.1620. TakeProfit: 1.1680, 1.1739. StopLoss: 1.1592.
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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