Technical analysis of US Crude, XAUUSD, and EURUSD for today (23 March 2023)

2023.03.23 2023.03.23
Short-term analysis for oil, gold, and EURUSD for 23.03.2023

Alex Rodionovhttps://www.litefinance.org/blog/authors/alex-rodionov/

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.

The oil short-term trend turned up yesterday.

Oil price forecast for today: USCrude analysis

The oil short-term trend turned up yesterday. The oil price broke out the key resistance 69.32 – 68.87. The upside target is the upper Target Zone 74.27 – 73.37.

It is relevant to enter new purchases at strong support levels, such as support (A) 68.31 – 68.01 and support (B) 66.81 – 66.36. To enter a trade, expect the test of support levels and detect a corresponding pattern. The first upside target will be yesterday’s high.

USCrude trading ideas for today:

1. Buy according to the pattern at support (А) 68.31 – 68.01. TakeProfit: 71.25. StopLoss: according to the pattern rules.

2. Buy according to the pattern at support (В) 66.81 – 66.36. TakeProfit: 71.25. StopLoss: according to the pattern rules.

Gold forecast for today: XAUUSD analysis

The gold traders tried to break out the key support of the short-term uptrend, 1949 – 1943. The zone hasn’t been broken out. The gold price has been up and consolidated above the support. The short-term uptrend is likely to continue today; the upside target will be the high of March 20.

Today, it is relevant to hold up long trades up to the high of March 20. If the high is broken through by the price, the next upside target will be the Gold Zone 2033 – 2029.

It will be relevant to sell if the price breaks through yesterday’s low and consolidates below. In this case, the downside target will be the lower Target Zone 1889 – 1877.

XAUUSD trading ideas for today:

Hold up long trades entered at support (В) 1949 – 1943. TakeProfit: 2008. StopLoss: at breakeven.

Euro/Dollar forecast for today: EURUSD analysis

The EURUSD broke out the upper border of the trading range (the red sloped line) yesterday. The price reached the Target Zone 1.0865 – 1.0834 and broke it out. Now, the upside target is the Gold Zone 1.0950 – 1.0940. If the buyers break out this resistance, the next upside target will be the Target Zone 1.1067 – 1.1046.

It is relevant to enter new long trades on the correction at support levels, 1.0823 – 1.0813 and 1.0770 – 1.0754. The first upside target will be around today’s high.

EURUSD trading ideas for today:

1. Buy according to the pattern at support (А) 1.0823 – 1.0813. TakeProfit: 1.0927. StopLoss: according to the pattern rules.

2. Buy according to the pattern at support (В) 1.0770 – 1.0754. TakeProfit: 1.0927. StopLoss: according to the pattern rules.

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Price chart of USCRUDE in real time mode