USCrude – oil
Oil traders are testing a strong support level at 20.00. I recommend entering buy trades in this zone, as there is a false breakout pattern in the chart. The buy target will be Target Zone [25.15 — 24.59].
In the shorter timeframe, there is a short-term downtrend. So, it is not relevant to buy, but there aren’t also any sell signals now as well.
To sell the instrument at good prices, the price should test Intermediary Zone [22.07 – 21.79] and form a pattern. It will be relevant to buy if the short-term trend reverses up after the US session closes the price above level 22.07.
Expect the situation to clarify, there is also the report in the US crude oil stock today.
USCrude Trading ideas for today:
Aggressive: buy at the level of 20.00. TakeProfit: Target Zone [25.15 – 24.59]. StopLoss: 18.90.
XAUUSD – gold
Gold price is being corrected down in the middle-term uptrend, it is now approaching the key support [1561.1 – 1552.8]. After the zone is tested, we shall look for purchases according to the pattern with the target at the high of last week.
Gold short-term trend reversed down yesterday, as the price broke out Intermediary Zone [1602.9 – 1598.7] and closed below at the US session. Statistically, the price is 70% likely to reach Target Zone after it breaks out IZ. Therefore, it will be relevant to enter sell trades today and tomorrow.
I recommend entering sell trades in the zone of good sell prices [1614.2 – 1598.7]. After the local low is broken through, take a part of profits and move the rest to the breakeven.
We shall buy gold again when the resistance at [1614.2 — 1610.0] is broken out.
XAUUSD Trading ideas for today:
Sell according to the pattern in [1614.2 – 1598.7]. TakeProfit: Target Zone [1561.1 – 1552.8]. StopLoss: according to the pattern rules.
EURUSD – euro/dollar
The EUR/USD is now testing the key support of the middle-term downtrend [1.0975 – 1.0958]. Look for purchases according to the pattern in the zone. If the zone is broken out downside, sell on the retest.
In the shorter timeframe, the local downtrend continues, and the price has tested the key resistance zone [1.1021 – 1.1012].
Today, expect a pattern to sell the euro versus the dollar in Intermediary Zone at the yesterday’s low.
Alternative scenario suggests one should buy the EUR/USD after the price break out IZ and consolidates above today’s high. In this case, the target will be in the upper Target Zone [1.1116 — 1.1098].
EURUSD Trading ideas for today:
Sell according to the pattern in Intermediary Zone [1.1021 – 1.1012]. TakeProfit: 1.0930, Gold Zone [1.0889 – 1.0880]. 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.