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Technical analysis for US Crude, XAUUSD, EURUSD for 23

2020-11-20

2020-11-20

Medium-term forecast for oil, gold, and EURUSD 20.11.2020Alex 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 gold price hasn’t broken out the support level at 1850.0.

The article covers the following subjects:

Oil price forecast for next week: USCrude analysis

Oil medium-term trend is up. The upside target is Target Zone 2 [44.22 – 43.71].

Next week, I recommend expecting a correction and good prices to buy in the zone of [39.12 – 37.77]. After the price tests the zone of good buy prices, we shall look for a buy pattern. After the pattern forms, a false breakout, for example, we shall enter a long. A part of profits can be taken at the important local highs.

It will be relevant to sell oil when the trend turns down after traders break out the support at 37.77.

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

Buy according to the pattern in [39.12 - 37.77]. TakeProfit: Target Zone 2 [44.22 - 43.71]. StopLoss: according to the pattern rules.

Gold price forecast for next week: XAUUSD analysis

This week, the gold price has not broken out the support level of 1850.0, despite the middle-term downtrend. Level 1850.0 is a strong level in the daily gold price chart. Traders need to consolidate the price below this level so that the price would continue falling.

If the price starts an upward correction this week, i.e., the price starts rising and breaks out the resistance at 1890.0, there will be a buy pattern. If so, I will recommend buying gold according to the pattern with a target at the upper Target Zone [1876.9 – 1865.4].

To enter new middle-term sell trades, there should be either a correction up to the key resistance and a pattern or the breakout of TZ2. In this case, we shall enter short trades with new targets.

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

Buy in the correction according to the pattern after the price breaks out the level of 1890.0. TakeProfit: Target Zone [1976.9 - 1965.4]. StopLoss: according to the pattern rules.

Euro/dollar price forecast for next week: EURUSD analysis

The euro price is growing. Buyers are quite strong. The middle-term trend is up. The upside target is Target Zone 2 [1.2032 – 1.2012].

This week, the buyers consolidated above Target Zone [1.1832 – 1.1812] in the medium-term price chart. Next, the price retested the level. The EURUSD is approaching the local high of this week.

I recommend holding the purchases entered in the zone of [1.1832 – 1.1812] at the breakeven. If the price retests this zone, it could break the zone out. If so, the correction will be deeper; the price should go into the trend key support zone [1.1688 – 1.1665].

When the price tests the trend key support, I suggest looking for a signal to enter new long trades.

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

Buy according to the pattern in Target Zone [1.1688 - 1.1665]. TakeProfit: 1.1917, Target Zone 2 [1.2032 - 1.2012]. 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 XAUUSD 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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