USCrude – oil
Oil price started correction in the middle-term uptrend.
The key support is at [55.83 – 55.40]. If the zone is reached by the price, I recommend looking for purchases according to the pattern.
The target is Target Zone 5 [62.36 – 62.00].
The short-term uptrend continues since the buyers are holding up the key support [57.97 – 57.76]. Yesterday, the zone was tested, and afterward, oil price rose and stopped in the daily resistance zone [59.10 – 59.00].
To form a buying pattern, traders need to break out Additional Zone and consolidate above.
If so, we shall look for a buy entry on the correction, and the target will be level 60.10. Sell positions will be relevant if AZ is held and IZ is broken out; the US session must close the price below level 57.76 as well.
In this case, the target will be the lower Target Zone [55.83 – 55.40].
USCrude Trading tips for today:
Buy according to the pattern from Intermediary Zone [57.97 – 57.76]. TakeProfit: 60.10. StopLoss: according to the pattern rules.
XAU/USD – Gold
It is clear in the middle-term timeframe that gold is trading in the zone of good sell prices in the middle-term downtrend. Look for short trades, detail the entry point in shorter timeframes. To sell with a limit order, I recommend considering level 1328.6.
Yesterday, in the local up-movement, Target Zone [1318.3 – 1314.9] was broken out, and the local high was also renewed. Purchases from Intermediary Zone [1303.3 – 1301.6] yielded a profit.
The next target in the trend is the Gold Zone [1333.6 – 1331.9].
I recommend looking for new longs according to the pattern in the correction towards the strong supports (Additional Zone, Intermediary Zone).
The local high will be the first target.
XAU/USD Trading tips for today:
- Buy according to the pattern from Additional Zone [1316.0 – 1315.2]. TakeProfit: 1324.2. StopLoss: according to the pattern rules.
- Buy according to the pattern from Intermediary Zone [1307.5 – 1305.8]. TakeProfit: 1324. StopLoss: according to the pattern rules.
EUR/USD
The middle-term trend hasn’t changed; the euro is trading down, the key resistance [1.1378 – 1.1360] hasn’t been broken out.
The short-term trend is also downward. Sell target is Target Zone [1.1264 – 1.1245]. Currently, the euro price is being corrected up after the fall on Friday. If the price reaches level 1.1356, I recommend selling at this price with a stop at 1.1391.
The key resistance in the short-term downtrend is at [1.1374 – 1.1365]. Only provided that the zone is broken out with consolidation above, the trend will reverse upwards.
EUR/USD Trading tips for today:
Sell at 1.1356. TakeProfit: Target (NYSE:TGT) Zone [1.1264 – 1.1245]. StopLoss: 1.1391.
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.