USCrude – oil
Oil was trading above the key support [23.41 – 22.95] yesterday. The trend is up today, so, we enter long trades or hold up the existing ones. The target is the high of last week.
Let us analyze the short-term chart. The short-term trend is up, the target is to test Target Zone [26.59 – 26.03].
Oil price is now being corrected down and testing Additional Zone [23.46 – 23.32]. Additional Zone is a strong intraday support, where I recommend entering buy trades.
A little lower, there is the trend key support, Intermediary Zone [22.06 – 21.78]. According to the methodology, if the price is corrected down into this zone, we shall also enter purchases according to the patterns.
USCrude Trading ideas for today:
Buy according to the pattern in Additional Zone [23.46 – 23.32]. TakeProfit: Target Zone [26.59 – 26.03]. StopLoss: according to the pattern rules.
Buy according to the pattern in Intermediary Zone [22.06 – 21.78]. TakeProfit: Target Zone [26.59 – 26.03]. StopLoss: according to the pattern rules.
XAUUSD – gold
Gold price, after reaching Target Zone 3 [1637.2 – 1631.2], is being corrected down. The correction in the medium term may drive the price to Target Zone [1568.5 – 1561.5]. If TZ is reached, we shall enter new gold buy trades according to the pattern.
Let us study the chart with additional margin zones. The short-term uptrend continues. The price is now testing the trend key support Intermediary Zone [1603.5 – 1600.0]. I suggest looking buy entries with the target to break through the high of this week.
If sellers break IZ out and consolidate the price below, the local gold trend will reverse down. If so, we shall sell gold with the target at the lower Target Zone [1568.5 — 1561.5].
XAUUSD Trading ideas for today:
Buy according to the pattern in Intermediary Zone [1603.5 – 1600.0]. TakeProfit: 1637.0. StopLoss: according to the pattern rules.
EURUSD – euro/dollar
The EURUSD middle-term trend reversed up after Target Zone [1.0823 — 1.0806] was broken out yesterday, and the price was consolidated above at the US session. Now, it is relevant to buy the euro versus the dollar up to Target Zone 2 [1.0995 — 1.0978].
The short-term trend is also up. The major buy target, Target Zone [1.0935 – 1.0918], was reached yesterday. The price now trading under the resistance.
The price will grow higher if TZ is broken out upside. If so, the target will be Gold Zone [1.1012 – 1.1004].
I recommend entering new buy trades on the correction after the price reaches Additional Zone [1.0890 – 1.0886], or Intermediary Zone [1.0847 – 1.0839]. I recommend entering trades after there is a confirming pattern.
EURUSD Trading ideas for today:
Buy according to the pattern in Additional Zone [1.0890 – 1.0886]. TakeProfit: 1.0935. StopLoss: according to the pattern rules.
Buy according to the pattern in Intermediary Zone [1.0847 – 1.0839]. TakeProfit: 1.0935. StopLoss: according to the pattern rules.
IZ – Intermediary Zone: responsible for the price momentum reversing
TZ – Target Zone: a zone that is 75% likely to be reached after IZ breakout.
GZ – Gold Zone: zone in the medium-term momentum.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
Price chart of EURUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.