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 have broken above yesterday’s high amid an upward move.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil prices broke above yesterday’s high amid the short-term uptrend.
- XAUUSD: Gold prices are rising from the support B at 5,101–5,069 within the short-term upward trend.
- EURUSD: The euro is declining after having reached the resistance A at 1.1649–1.1638.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil prices reached the support B at 73.32–73.00 during the correction. Buyers managed to hold this support, which led to a rebound and a breakout above yesterday’s high earlier today.
Market participants also broke above the Target Zone at 75.95–75.52. The next upside target is the Gold Zone at 77.86–77.65. If the Gold Zone is broken to the upside, the rally may continue toward the Target Zone 2 at 80.21–79.78.
New long positions can be considered on a correction from strong support levels: the support A at 74.51–74.29 and the support B at 73.44–73.12.
USCrude Trading Ideas for Today:
Buy near support A at 74.51–74.29. TakeProfit: 75.46, 76.64. StopLoss: 73.75.
Gold Forecast for Today: XAUUSD Analysis
Gold has been rising after the March 3 correction to the key support of the short-term uptrend at 5,101–5,069. The first upside target is the 5,244 level. The second target is the March 2 high at 5,419. If the price consolidates above 5,419, new long positions may be considered with a target in the Target Zone at 5,504–5,462.
If the support (B) is broken to the downside, the trend will shift to bearish. In that case, short positions in gold may be considered, targeting the lower Target Zone of 4,783–4,719.
XAUUSD Trading Ideas for Today:
Hold longs near support B at 5,101–5,069. TakeProfit: 5244, 5419. StopLoss: 5009.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is trading in a short-term downtrend. The Target Zone 2 at 1.1531–1.1509 was reached during this week’s decline. After that, an upward correction began, during which the resistance A at 1.1649–1.1638 was reached yesterday.
Today, the price is declining from the resistance A. The first downside target is the 1.1590 level. The second target is the weekly low at 1.1530.
If the price rises during the trading session and the resistance A is broken to the upside, the correction may continue toward the resistance B at 1.1708–1.1692. This zone marks the trend boundary.
EURUSD Trading Ideas for Today:
Hold short positions near resistance A at 1.1649–1.1638. TakeProfit: 1.1590, 1.1530. StopLoss: 1.1675.
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Price chart of USCRUDE in real time mode
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