USCrude – oil
In the medium-term oil price chart, the lows of March 23 and 18 have been broken through. The price hasn’t been consolidated below the low of March 18. The price has also shortly failed to reach Target Zone 2 [18.76 – 18.30].
The current market situation looks like a false breakout of the low of March 18, as the price has been back to the support zone. If it is so, the price could be corrected up into Target Zone [25.15 – 24.59], where the further trend will be determined.
The short-term trend is yet down. After the breakout of Intermediary Zone [22.06 – 21.78], the sellers reached Target Zone [19.26 – 18.70]. The price is now being corrected up, approaching the trend key resistance [22.07 – 21.79].
After the resistance is tested, I recommend entering, first, the sell trades according to the pattern with a target to break through the yesterday’s low.
Alternative scenario: the price breaks out IZ and closes above at the US session. In this case, it will be relevant to buy oil up to the upper Target Zone [22.15 — 24.59].
USCrude Trading ideas for today:
Sell according to the pattern in Intermediary Zone [22.07 – 21.79]. TakeProfit: Target Zone [19.26 – 18.70]. StopLoss: according to the pattern rules.
XAUUSD – gold
Gold price is being corrected after it reached Target Zone 3 [1637.2 – 1631.2]. In the medium-term chart, the correction can drive the price as low as Target Zone [1561.1 – 1552.8]. If TZ is reached by the price, we shall enter new gold purchases according to the pattern.
The short-term trend is still up. The price is now trading in the correction, it is getting close to the trend key support Intermediary Zone [1602.9 – 1598.7]. After the zone is tested, we shall enter new gold purchases according to the pattern. The upside target will be at the local high 1643.7.
It will be relevant to sell gold, after the price breaks out Intermediary Zone and consolidates below at the US session. In this case, the trend will reverse down, and the sell target will be in the lower Target Zone [1561.1 – 1552.8].
XAUUSD Trading ideas for today:
Buy according to the pattern in Intermediary Zone [1602.9 – 1598.7]. TakeProfit: 1643.7. StopLoss: according to the pattern rules.
EURUSD – euro/dollar
The EURUSD continues trading in the middle-term uptrend. The price is now being corrected down from the resistance Target Zone 3 [1.1167 – 1.1150]. The correction target is to test the trend key support [1.0975 – 1.0958]. After the support is tested, it will be relevant to enter new buy trades in the trend.
In the short-term timeframe, the local trend has reversed down via the breakout of Intermediary Zone [1.1061 – 1.1052]. The sell target is now Target Zone [1.0975 – 1.0958].
For today, I recommend entering short trades on the eurusd on the correction towards the trend key resistance zone [1.1080 – 1.1071]. There must be a pattern or another confirming signal before you enter any trades.
If the local low is broken though, the key resistance should be rearranged.
EURUSD Trading ideas for today:
Sell according to the pattern in Intermediary Zone [1.1080 – 1.1071]. TakeProfit: Target Zone [1.0975 – 1.0958]. 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.
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Price chart of USCrude 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.