2023.05.05 2023.05.05
Short-term analysis for oil, gold, and EURUSD for 05.05.2023Alex Rodionovhttps://www.litefinance.org/blog/authors/alex-rodionov/
I welcome my fellow traders! I have made a price forecast for US Crude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
EURUSD is being corrected down in the short-term uptrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
The short-term downtrend continues. The price was corrected up to the key resistance zone 68.74 – 68.31 yesterday. The oil traders are trying to break out this zone and consolidate the price above.
If the price consolidates above the key resistance, the short-term trend will turn up, and the upside target will be the upper Target Zone 73.53 – 72.66.
However, if the price rolls down under the resistance and breaks through the low made at the US session yesterday, there will be a buy pattern. In this case, one could enter a short trade according to the pattern with a target at the Gold Zone 73.53 – 72.66.
USCrude trading ideas for today:
Sell according to the pattern at resistance (В) 68.74 – 68.31. TakeProfit: Gold Zone 65.98 – 65.69. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is still trading up in the short term. Target Zone 2077 – 2069 was reached yesterday, and the price started a correction and reached support (А) 2039 – 2035. Some buyers entered purchases in the support zone; however, there hasn’t been a pattern to buy.
If the price goes above the high made at yesterday’s US session, one could buy gold on the correction with a target at 2077.
If support (A) is broken out, one could enter a sell trade with a target at support (B) 2018 – 2012.
XAUUSD trading ideas for today:
Buy according to the pattern at support (А) 2039 – 2035. TakeProfit: 2080. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The EURUSD is being corrected down in the short-term uptrend. The price tested support (А) 1.0985 – 1.0975, and some traders entered purchases there. However, there has not been a buy signal yet.
Today, I suggest monitoring the price movements in the support (A) zone. If this zone is broken out, one could enter a sell trade with a target at support (В) 1.0932 – 1.0916.
If support (A) is held up and there is a buy pattern, one could enter a long with a target at yesterday’s high. If the price exceeds yesterday’s high, the next upside target will be the Gold Zone 1.1147 – 1.1137.
EURUSD trading ideas for today:
Buy according to the pattern at support (А) 1.0985 – 1.0975. TakeProfit: 1.1090. StopLoss: according to the pattern rules.
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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 LiteFinance. 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.
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