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Technical analysis for US Crude, XAUUSD, EURUSD for 19

2020-10-16

2020-10-16

Medium-term forecast for oil, gold, and EURUSD 16.10.2020Alex 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, the euro sellers have reacted to the key resistance.

The article covers the following subjects:

Oil price forecast for next week: USCrude analysis

Oil buyers are drawing the price up to the resistance Target Zone 5 [41.67 – 40.92] to break the zone out. If they break out the zone and consolidate the price above, the next upside target will be Target Zone 6 [49.17 – 48.42].

Until the price breaks out the resistance, there will be a broad trading range and a sideways trend. The price can drop to the key support zone [37.34 - 36.72]. If so, we shall send oil according to the pattern.

It will be relevant to buy oil when the price breaks out TZ5, or there is a pattern to buy in the zone of [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 middle-term downtrend continues; the target is to test Target Zone 2 [1829.4 – 1820.1].

Last week and this week, gold traders have been testing the resistance zone [1951.0 – 1913.1]. I recommend entering gold sell trades in this zone or close to it next week.

It will be relevant to sell, according to technical analysis, when the price breaks out the trendline marked with pink in the chart. The pattern will emerge when the price consolidates below the low of this week. Expect until one of the above signals is delivered and enter sell trades.

It will be relevant to buy gold if the price breaks out level 1951.0.

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

Sell according to the pattern in the zone of [1951.0 - 1913.1]. TakeProfit: Target Zone 2 [1829.4 - 1820.1]. StopLoss: according to the pattern rules.

Euro/dollar price forecast for next week: EURUSD analysis

The euro sellers have reacted to the key resistance of the middle-term downtrend [1.1832 – 1.1812]. I recommended you to sell according to the pattern in this zone. The pattern has emerged (see the screenshot).

Next week, I suggest we sell the euro according to the pattern with a downside target in Target Zone 2 [1.1611 – 1.1591].

The selling scenario will be canceled if the price breaks out the key resistance and consolidates above at two US sessions.

[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.

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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 EURUSD 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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