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Technical analysis for US Crude, XAUUSD, EURUSD for 26

2020-10-23

2020-10-23

Medium-term forecast for oil, gold, and EURUSD 23.10.2020Alex 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.

Oil is traded in a flat area on the chart of a large timeframe.

The article covers the following subjects:

Oil price forecast for next week: USCrude analysis

Oil is traded in a flat area on the chart of a large timeframe. At the top, there is a resistance Target Zone 5 [41.67 - 40.92]. Below is the support for Target Zone [37.34 - 36.72]. Flat means there is uncertainty regarding the further direction of the mid-term price movement.

In such conditions, it is possible to work from the borders of the area: shorting oil from the upper border, opening longs from the lower one.

Last week I recommended looking for shorts from Target Zone 5 according to the pattern. It’s the same for the next week. Wait for a short pattern and open short positions on oil with the target at the opposite level of the range.

To buy oil, another test of the key support of the medium-term trend is needed, or a breakout of TZ 5 and consolidation above.

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

  1. Wait for a breakout of Target Zone 5 [41.67 - 40.92], then buy at a 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

For gold, the medium-term downtrend continues. This week we saw a retest of the previous week’s high. However, traders failed to update the high. As a result, the price went down a bit at the end of the week.

However, there is still no pattern for shorts. It will appear if sellers are able to break through the support level [1890 - 1882]. In this case, there will be a “double top” pattern.

Next week, if they fail to break through the support level, wait for a test of the key resistance of the trend [1951.0 - 1941.7]. Then look for a new pattern to open shorts.

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

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

As for the euro, buyers failed to consolidate above the key resistance of the medium-term downtrend [1.1832 - 1.1812]. The trend remains downward.

Sell the euro according to the pattern next week. There is no pattern on the chart yet, wait for it to appear and then sell.

An alternative long trades option is also possible. To buy, Target Zone [1.1832 - 1.1812] has to broken through and the price has to consolidate above the zone during the American trading session. If this is the case, Target Zone 2 [1.2032 - 1.2012] will be the target.

[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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  3. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
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