Technical analysis for USCrude, XAUUSD, and EURUSD today (24 June 2024)
I welcome my fellow traders! I have made a price forecast for the USCrude, 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.
Gold is trading in a short-term downtrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Oil quotes are declining after reaching the Target Zone 82.34 – 81.44 last week. If the decrease continues, the price may test support (A) 78.64 – 78.34. Once this zone is tested, consider long trades with the target at the June 21 high.
If oil breaks through the support (A), the correction will continue to support (B) 77.16 – 76.71. Consider long trades near support (B), the short-term uptrend’s border.
USCrude trading ideas for today:
Buy according to the pattern at support (A) 78.64 – 78.34. TakeProfit: 81.57. StopLoss: according to the pattern rules.
Buy according to the pattern at support (B) 77.16 – 76.71. TakeProfit: 81.57. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold is maintaining a short-term downtrend. On June 21, the asset tested resistance (B) 2369 – 2361. After that, the price declined and reached the first bearish target near 2327. The next target is the 2286 level. If the price breaks through this level, it may decrease to the Gold Zone 2250 – 2245.
Bulls should break through and consolidate above the resistance (B) to make purchases. In this case, the trend will reverse. Thus, the upper Target Zone 2451 – 2436 will become the bullish target.
XAUUSD trading ideas for today:
Hold up sales at resistance (B) 2369 – 2361. TakeProfit: 2286. StopLoss: at the breakeven.
Euro/Dollar forecast for today: EURUSD analysis
The EUR/USD pair is trading in a short-term downtrend. Last week, bulls tested resistance (A) 1.0760 – 1.0751, but bears managed to hold the asset below this level. As a result, the price declined and reached the first bearish target near 1.0714. The next target is the June 14 low. Therefore, one can hold short trades opened at the resistance (A) until the June 14 low is updated.
If the price rises and breaks through the resistance (A), the correction will continue to the resistance (B) 1.0806 – 1.0793, the trend boundary. Thus, consider short trades in this zone.
EURUSD trading ideas for today:
Hold up sales at resistance (A) 1.0760 – 1.0751. TakeProfit: 1.0670. StopLoss: at the breakeven.
Sell according to the pattern at resistance (B) 1.0806 – 1.0793. TakeProfit: 1.0670. StopLoss: according to the pattern rules.
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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 LiteFinance. 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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