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Technical analysis for US Crude, XAUUSD, EURUSD for 2

2020-10-30

2020-10-30

Medium-term forecast for oil, gold, and EURUSD 30.10.2020Alex 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.

There is an interesting situation developing on the EURUSD chart of a large time frame.

The article covers the following subjects:

Oil price forecast for next week: USCrude analysis

Shorts according to the pattern made in Target Zone 5 [41.67 - 40.92] this week worked out - Target Zone [37.34 - 36.72] was reached.

Now on the chart of a large timeframe, oil is breaking through the key support level of the medium-term uptrend [37.34 - 36.72]. There is already one close of the American trading session below the level. It all depends on whether sellers will be able to consolidate below the zone today.

I can also see how the price breaks through the lower border of the flat zone - 36.03. If it consolidates below, consider shorts at a retest of the level. The target for shorts will be Target Zone 2 [31.14 - 30.52].

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

Wait for consolidation below the level of 36.03, then sell on a retest. TakeProfit: Target Zone 2 [31.14 - 30.52]. StopLoss: 38.15.

Gold price forecast for next week: XAUUSD analysis

Traders formed a “double top” pattern and broke through the support level [1890.5 - 1882.5] this week. The medium-term trend remains a downward one.

Next week, trade using a short pattern. I suggest looking for an entry point in the zone [1895.7 - 1882.5]. The target for shorts will be Target Zone 2 [1829.4 - 1820.1].

Entering longs on gold is unreasonable at the moment.

[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

There is an interesting situation developing on the EURUSD chart of a large time frame. On the one hand, the resistance, Target Zone [1.1832 - 1.1812], was broken through last week. According to the methodology, the trend changed to an upward one.

On the other hand, this week there was a powerful decrease in prices, a breakout of the trend line and the development of a “false breakout” reversal pattern.

Now the euro stopped going down at the Target Zone [1.1648 - 1.1625]. Large buyers may start working in this zone, that’s why it is not the right moment to sell the EURUSD pair now.

If the support level is broken out, the medium-term trend will change to a downtrend, according to the methodology.

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

Sell on a correction in the zone [1.1777 - 1.1765]. TakeProfit: Target Zone [1.1648 - 1.1625]. StopLoss: 1.1810.

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 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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