USCrude – oil
Oil middle-term uptrend is slowing down. The price is now trading under the resistance Target Zone 5 [41.67 – 40.92]. The trend key support is in the zone of [31.01 – 30.11].
To sell oil in the correction, we need a corresponding pattern, which hasn’t yet formed. To enter buy trades, we need a test of the trend key support.
The short-term trend is up. Sellers are trying to break out Additional Zone [37.76 – 37.54] this week.
The price is now trading between two zones, below is the support and above is the resistance [39.18 – 38.96]. One can enter trades in both directions, but the main scenario still suggests purchases.
The trend key support is in the zone of [35.51 – 35.06]. The price can reach it if Additional Zone is broken out.
USCrude Trading ideas for today:
- Buy according to the pattern in Additional Zone [37.76 – 37.54]. TakeProfit: 40.00, Target Zone 5 [41.67 – 40.92]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [35.51 – 35.06]. TakeProfit: 40.00, Target Zone 5 [41.67 – 40.92]. StopLoss: according to the pattern rules.
XAUUSD – gold
Gold is rising form the trend key support [1673.6 – 1664.4]. There has formed a buy pattern. Expect until the price reaches good buy levels on the correction and enter long trades with a target at the high of May.
Yesterday, buyers broke out Intermediary Zone [1721.0 – 1716.4], so, the gold short-term trend turned up. The US session closed above the zone. Now, the target for short-term purchases is the upper Target Zone [1771.3 – 1762.2].
Today, we start looking for buy entries. Good prices to enter purchases are in the strong support zones, Additional Zone [1716.9 – 1714.6] and Intermediary Zone [1694.0 — 1689.4].
XAUUSD Trading ideas for today:
Buy from level 1705.6. TakeProfit: 1764.4. StopLoss: 1687.2.
EURUSD – euro/dollar
The EUR/USD broke through the local high yesterday. So, the trend key support should be moved. The key support is now in the zone of [1.1240 – 1.1222]. The weekly low is around this zone. If the price is corrected down into this zone, it will be relevant to look for the pattern to buy the euro-dollar.
The price, following the short-term uptrend, reached Target Zone 3 [1.1434 – 1.1416] yesterday. Traders started exiting large purchases and entering local sell trades. As a result, the price has corrected down into Intermediary Zone [1.1331 — 1.1322] today.
Now, I recommend expecting a buy signal. The upside target will be yesterday’s high.
It will be relevant to sell if the price breaks out IZ, and the US session closes the price below. If so, the short-term trend will turn down, and the downside target will be the lower Target Zone [1.1240 – 1.1222].
EURUSD Trading ideas for today:
Buy according to the pattern in Intermediary Zone [1.1331 – 1.1322]. TakeProfit: 1.1420. 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 XAUUSD in real time mode
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