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Technical analysis for US Crude, XAUUSD, EURUSD for 12

2020-10-09

2020-10-09

Medium-term forecast for oil, gold, and EURUSD 09.10.2020Alex Rodionov

I welcome my colleagues! 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 trading signals for traders who trade in medium-term trends.

This week, oil has been rising from the trend key support [37.34 — 36.72].

The article covers the following subjects:

Oil price forecast for next week: USCrude analysis

The oil medium-term trend is up. This week, the oil price has been rising from the trend key support [37.34 – 36.72] with a target at Target Zone 5 [41.67 – 40.92]. The target has been reached.

The further oil trend will depend on the buyers’ ability to break out the resistance and consolidate above. If they succeed, the next upside targets will be the high of August and Target Zone 6 [49.17 — 48.42].

If Target Zone 5 is held, the price will be corrected down to the key support zone.

Based on the market analysis, I see two possible scenarios:

  1. Buy after the price breaks out TZ5.
  2. Sell according to the pattern in TZ 5 with the target at [37.34 — 36.72].

[USCrude ][1]Trading tips for the upcoming week:

  1. After Target Zone 5 [41.67 – 40.92] is broken out, buy on the retest TakeProfit: 43.50, Target Zone 6 [49.17 - 48.42].

  2. Sell according to the pattern in Target Zone 5 [41.67 - 40.92]. TakeProfit: Target Zone [37.34 - 36.72]. StopLoss: according to the pattern rules.

Gold price forecast for next week: XAUUSD analysis

The Gold medium-term trend hasn’t changed much. The middle-term trend is down, the price is trading under the resistance [1922.4 – 1913.1]. This week, the price tested the triangle support level, broken-out earlier. Next, the sell pattern has formed, a pin bar with a confirmation.

For next week, I recommend holding gold sell trades. A reasonable stop loss is above level 1922.5. The target will be at the low of September and Target Zone [1829.4 – 1820.1].

The border of the middle-term downtrend is in Target Zone [1951.0 — 1941.7].

[XAUUSD][2] Trading tips for the upcoming week:

  1. Hold down sell trades entered in Target Zone [1922.4 - 1913.1]. TakeProfit: Target Zone 2 [1829.4 - 1820.1]. StopLoss: 1927.0.

  2. Sell according to the pattern in Target Zone [1951.0 - 1941.7]. TakeProfit: Target Zone 2 [1829.4 - 1820.1]. StopLoss: according to the pattern rules.

Euro/dollar price forecast for next week: EURUSD analysis

The EURUSD middle-term correction continues. The correction target is to test the key resistance of the middle-term downtrend [1.1832 – 1.1812]. After the zone test, I suggest looking for a sell pattern. When there is a sell pattern, it will be relevant to sell the instrument with a target at Target Zone 2 [1.1611 – 1.1591].

An alternative scenario to buy the euro. The price breaks out Target Zone [1.1832 – 1.1812] and the middle-term trend turns up. It will work out when the price consolidates above the zone at two US trading sessions. If so, we shall enter buy trades in the strong support zones with the target in the upper Target Zone 2 [1.2032 - 1.2012].

[EURUSD][3] Trading tips for the upcoming week:

Sell according to the pattern in Target Zone [1.1832 - 1.1812]. TakeProfit: Target Zone 2 [1.1611 - 1.1591]. StopLoss: according to the pattern rules.

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.

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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.

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  1. my.liteforex.com/trading?type=oil
  2. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  3. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
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