Technical analysis for US Crude, XAUUSD, and EURUSD today (8 July 2021)
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.
Yesterday, oil traders reached the target for sales within a short-term downtrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Yesterday, oil traders reached the target for sales within a short-term downtrend. Today they will try to break out the Target Zone 71.09 – 70.56. If successful, the next target will be the Gold Zone 68.44 – 68.18.
It is profitable to consider new oil sales at strong resistances: Additional Zone 72.07 – 71.94 and Intermediary Zone 73.53 – 73.26. To do this, wait for a correction towards the zones and look for a pattern. Place take profit at yesterday’s low.
USCrude trading ideas for today:
Sell according to the pattern in Additional Zone 72.07 – 71.94. TakeProfit: 70.56. StopLoss: according to the pattern rules.
Sell according to the pattern in Intermediary Zone 73.53 – 73.26. TakeProfit: 70.56. StopLoss: according to the pattern rules.
Gold price forecast for today: XAUUSD analysis
Gold is correcting within a short-term uptrend. The target of the correction is the retest of the Intermediary Zone 1784 – 1781. After testing the zone, look for new purchases according to the “false breakout” pattern. The target for purchases will be the Gold Zone 1820 – 1818.
For gold sales, traders need to break out level 1794 and consolidate the price below. In this case, the short-term trend will reverse down, and the target for sales will be the lower Target Zone 1770 – 1765.
XAUUSD trading ideas for today:
Buy according to the pattern in Intermediary Zone 1792 – 1790. TakeProfit: Gold Zone 1820 – 1818. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
Yesterday, the euro reached the main sales target – the Target Zone 1.1800 – 1.1781. The further trend development will depend on the sellers’ ability to break out this zone and consolidate the price below. If successful, then the next target will be the Gold Zone 1.1711 – 1.1702.
It is reasonable to consider new euro sales on the correction at strong resistances: Additional Zone 1.1830 – 1.1825 and Intermediary Zone 1.1878 – 1.1869. A pattern is required for sales. The target is the day’s low.
EURUSD trading ideas for today:
Sell according to the pattern in Additional Zone 1.1830 – 1.1825. TakeProfit: 1.1783. StopLoss: according to the pattern rules.
Sell according to the pattern in Intermediary Zone 1.1878 – 1.1869. TakeProfit: 1.1783. StopLoss: according to the pattern rules.
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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.