Technical analysis for USCrude, XAUUSD, and EURUSD today (19 October 2023)

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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.

The short-term oil uptrend continued yesterday. 

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The short-term oil uptrend continued yesterday. After reaching a new local high, the price started a correction at the US session. If the correction continues today, the market should reach support (А) 85.19 – 84.86. When the first support zone is tested by the price, one could enter new purchases with a target at yesterday’s high.

If support (A) is broken out, the price will go down to support (В) 83.54 – 83.04. The latter zone is the trend border, so it is also relevant to buy there.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (А) 85.19 – 84.86. TakeProfit: 88.36. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (В) 83.54 – 83.04. TakeProfit: 88.36. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis

The short-term gold uptrend continues. The gold traders tried to reach the Gold Zone 1970 – 1966. If the price reaches the GZ, there could start a descending correction.

If the correction starts from the current prices, the market will reach support (А) 1923 – 1919. When support (A) is tested by the price, one could enter purchases according to the pattern with a target at yesterday’s high.

If support (A) is broken out, the price will reach support (В) 1904 – 1898.

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (А) 1923 – 1919. TakeProfit: 1961. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (В) 1904 – 1898. TakeProfit: 1961. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

The EURUSD was corrected down yesterday. The short-term uptrend remains, though. So, one could buy today with a target at the high of October 12. When the indicated high is broken through, the next upside target will be the upper Target Zone 1.0765 – 1.0736.

The price could also test the trend key support zone of 1.0495 – 1.0481. If so, there could be a false breakout of the low of October 13, and a buy pattern should emerge.

If the price breaks out support (В) 1.0495 – 1.0481 and consolidates below, the short-term trend will turn down.

EURUSD trading ideas for today:

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


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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 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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