USCrude – oil
Last week, oil buyers were testing the resistance at Target Zone 5 [41.67 – 40.92]. They haven’t broken the zone out and consolidate the price above. As a result, the price is now being corrected. The correction target is likely to be the trend key support [33.64 — 32.86].
The hourly timeframe shows that the short-term uptrend continues on Monday morning. Intermediary Zone [37.54 – 37.15] is being held by buyers, so, look for a buy pattern. The buy target will be the high of last week.
There is also an alternative scenario. In this case, the price will break out IZ and consolidates below at the US session. If so, the local trend will turn down. We shall enter sell trades on the retest of the broken-out zone, the sell target will be in the lower Target Zone [33.64 — 32.86].
USCrude Trading ideas for today:
Buy according to the pattern in Intermediary Zone [37.54 – 37.15]. TakeProfit: 41.40. StopLoss: according to the pattern rules.
XAUUSD – gold
Gold is trading in the middle-term uptrend. Last week, the price broke out Target Zone 5 [1757.2 – 1751.2] and consolidated above. The next upside target is Target Zone 6 [1817.2 – 1811.2]. Enter purchases on the correction.
The gold short-term uptrend continues. Buyers are now trying to break out the strong resistance [1771.3 – 1762.2]. If they succeed, the next buy target will be Gold Zone [1812.5 – 1808.0].
As for trading signals and trading recommendations, I would recommend entering buy trades after the price tests the trend key support at [1738.3 – 1734.2] and draws a corresponding pattern.
To consider selling gold, even if in the correction, the price should be back under the resistance Additional Zone [1770.0 – 1768.0]. In this case, we shall switch to the shorter timeframes (М30, М15) and look for bearish reversal patterns to enter sell trades.
XAUUSD Trading ideas for today:
- Sell according to the pattern in Additional Zone [1770.0 – 1768.0]. TakeProfit: 1748.0, Intermediary Zone [1738.3 – 1734.2]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [1738.3 – 1734.2]. TakeProfit: 1778.5. StopLoss: according to the pattern rules.
EURUSD – euro/dollar
The EURUSD doesn’t go below the support at [1.1240 — 1.1222].
It is clear from the chart that the price was corrected up to Target Zone [1.1368 – 1.1350], tested the zone, and formed a strong down momentum that was stopped in the zone of [1.1240 – 1.1222]. The price is now moving up from the support, as there is no sell pattern, but I expect it to again test Target Zone.
If we analyze the smaller margin zones and study the market sentiment on the shorter timeframe, we shall see that the euro-dollar is trading down in the short-term downtrend, whose target is the lower Target Zone [1.1166 – 1.1148]. The price now being corrected up in the downtrend. It is getting close to the key resistance Intermediary Zone [1.1290 — 1.1281].
After IZ is tested, I suggest tracking the reaction of sellers. If there is any reaction at all, we shall expect the sell pattern. If there emerges a pattern, we shall sell the euro with the target to break through the low of June 25 and test the lower TZ.
If buyers break out IZ, the short-term trend will turn up.
EURUSD Trading ideas for today:
Sell according to the pattern in Intermediary Zone [1.1290 – 1.1281]. TakeProfit: 1.1192, Target Zone [1.1166 – 1.1148]. 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
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