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Short-term analysis for oil, gold, and EURUSD for 23.06.2021

I welcome my fellow traders! 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 entry signals for intraday traders.

Oil is trading in a short-term uptrend below the resistance level of 73.20.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

Oil is trading in a short-term uptrend below the resistance level of 73.20. If this level is broken out, the trend will continue, and the price will move towards the Gold Zone 2 75.03 – 74.76. If the resistance level of 73.20 is held, then the Micro-zone 72.62 – 72.55 will be broken out and the price will reach the Additional Zone 71.96 – 71.83.

Today, it is reasonable to buy oil according to the 1-2-3 pattern, provided that level 73.20 is not tested. If the trade is closed with the stop loss, switch to sales with a target in the Additional Zone.

USCrude trading ideas for today:

  1. Buy according to the pattern in Micro-zone 72.62 – 72.55. TakeProfit: 73.20. StopLoss: according to the pattern rules.

  2. Sell when Micro-zone 72.62 – 72.55 is broken out. TakeProfit: Additional Zone 71.96 – 71.83. StopLoss: beyond the next local high.


Gold price forecast for today: XAUUSD analysis 

The gold short-term downtrend continues. The trend key resistance is at level 1794. Look for sales according to the pattern in the zone of 1794 – 1783 with the target at the 18 June low.

An alternative scenario implies price growth and breakout of the resistance level of 1794. In this case, the trend will reverse up, and the target will be the upper Target Zone 1810 – 1805.

XAUUSD trading ideas for today:

Sell from the zone of 1794 – 1783. TakeProfit: 1766. StopLoss: 1790.


Euro/Dollar forecast for today: EURUSD analysis 

The euro has reached the Intermediary Zone 1.1944 – 1.1935 as part of the correction to the short-term downtrend. Now observe the sellers’ reaction and look for a sell pattern. If the pattern is found, for example, a “false breakout”, sell the euro with a target in the Gold Zone 2 1.1826 – 1.1817.

Alternative option: a breakout of the Intermediary Zone will lead to a trend reversal up and the price will reach the upper Target Zone 1.2041 – 1.2023.

EURUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1.1944 – 1.1935. TakeProfit: Gold Zone 2 1.1826 – 1.1817. StopLoss: according to the pattern rules.


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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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