Technical analysis for USCrude, XAUUSD, and EURUSD today (17 October 2023)

0


I welcome my fellow traders! I have made a price forecast for USCrude, 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.

 Gold is trading up in the short term 

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The short-term oil trend has reversed upside today. The price broke through the high of October 16 and broke out resistance (В) 86.05 – 85.56. The buy target is now the upper Target Zone 91.50 – 90.51.

I suggest entering long trades at support (А) 84.41 – 84.08 or support (В) 82.76 – 82.27. The first upside target will the today’s high. 

It is not relevant to sell currently. The trend will turn down if the oil price breaks out level 82.27.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (А) 84.41 – 84.08. TakeProfit: 87.63. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (В) 82.76 – 82.27. TakeProfit: 87.63. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis

Gold is rising in the short-term uptrend. The price has exceeded the high of October 13 today. The upper border of the Target Zone, level 1939, has been tested. If the Target Zone  1939 – 1927 is broken out today, the next upside target will be the Gold Zone 1970 – 1966.

If the Target Zone is held up, the price will start a correction. In this case, the market should reach support (А) 1903 – 1899 or support (В) 1884 – 1878. One could enter long trades in the indicated zones with a target at today’s high. 

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (А) 1903 – 1899. TakeProfit: 1941. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (В) 1884 – 1878. TakeProfit: 1941. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

EURUSD continues rising in the short-term uptrend. The price is going up from the key support 1.0495 – 1.0481. The upside target is the high of October 12. When this high is broken through, the next upside target will be the upper Target Zone 1.0765 – 1.0736. Today, it is relevant to hold up the existing long trades with a target at the high of October 12. 

If the low of October 13 is broken through, the price should break out the uptrend key support. If so, the short-term trend will turn down, and it will be relevant to sell with a target in the lower Target Zone 1.0351 – 1.0322. 

EURUSD trading ideas for today:

Hold up purchases entered at support (В) 1.0495 – 1.0481. TakeProfit: 1.0636. StopLoss: 1.0492.


P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
  • Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex

Price chart of XAUUSD 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.

Rate this article:

{{value}} ( {{count}} {{title}} )





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *