USCrude – oil
The oil price started rising at the beginning of the week. The corrective movement stopped in the broken-out Target Zone 4 [34.17 – 33.42].
Remember, the upside target is Target Zone 5 [41.67 – 40.92]. The best buy prices are in the trend key support zone [31.01 — 30.11].
The oil short-term trend is up. Last week and on Monday, traders were testing the trend key support zone Intermediary Zone [35.51 – 35.06]. The zone hasn’t been broken out, and there has formed a double bottom pattern to buy.
For today, I suggest expecting a buy entry according to the pattern and entering oil purchases with the target at the June’s high + Target Zone 5 [41.67 – 40.92].
It will be relevant to sell oil when the price breaks out IZ and consolidates below.
USCrude Trading ideas for today:
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
This week, there was a gold buy entry according to the false breakout pattern. The price was corrected down to the 59% Fibonacci level, next, it rebounded up and is now trading above the level. I recommend holding up middle-term gold buy trades with the target at the high of May.
In the shorter timeframe, gold is trading in the local uptrend with the upside target at Target Zone. The price is now trading between the resistance 1729.3 and the support 1719.4. The upward momentum will continue when the price breaks the resistance out and consolidates above.
The gold short-term trend will turn down if traders break out the trend key support [1698.9 – 1694.3]. If so, the downside target will be the lower Target Zone. I don’t consider this scenario yet.
XAUUSD Trading ideas for today:
Hold up trades entered at level 1705.6. TakeProfit: 1764.4. StopLoss: 1687.2.
EURUSD – euro/dollar
The EUR/USD is testing the key support of the medium-term uptrend [1.1240 — 1.1222]. The price has rebounded up from the support level. However, there isn’t yet a buy pattern. Expect either the buy pattern or the trend reversal down.
The trend will turn down if bears break out Target Zone and consolidate the price below the low of last week. In this case, we shall consider sell trades down to Target Zone 2 [1.1058 — 1.1040].
The EUR/USD short-term trend is down. The price retested the support Target Zone [1.1240 – 1.1222] yesterday. Today, the price is being corrected up following the drop yesterday.
If the price tests the trend key resistance [1.1312 – 1.1303], I recommend entering a sell trade with the target at the low of 1.1215.
If the price breaks out Intermediary Zone upside and consolidates above, the short-term trend will turn up. If so, it will be relevant to enter purchases on the correction with the target in the upper Target Zone [1.1412 – 1.1394].
EURUSD Trading ideas for today:
Sell according to the pattern in Intermediary Zone [1.1312 – 1.1303]. TakeProfit: 1.1215. 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 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.