Pond is up to highest level since June after UK parliament rejected no-deal Brexit on Wednesday, following 46-year membership in the EU

USCrude

Oil reached another middle-term target Target Zone 4 [58.66 – 58.29]. To drive the price higher, buyers need to break out and consolidate above the resistance. If so, Target Zone 5 [62.36 – 61.99] is 70% likely to be reached.

The key support to the trend is now at [54.70 – 54.33]. Look for new buy entries there.

From the shorter timeframe chart, it is clear that the price has reached Target Zone [58.44 – 58.07] and is now trading in the zone. To draw it further up, buyers need to break TZ through and consolidate the price above. If so, the price should rise into Gold Zone [60.10 – 59.92].

Until it happens, there may be a local correction, providing good price to buy oil. Good buy prices are in Additional Zone [57.47 – 57.38] and Intermediary Zone [56.55 – 56.36].

 

USCrude trading tips for today:

  1. Buy according to the pattern in Additional Zone [57.47 – 57.38]. TakeProfit: 58.39. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [56.55 – 56.36]. TakeProfit: 58.39. StopLoss: according to the pattern rules.

XAUUSD

Gold continues corrective rise. The correction target is the test of the trend key resistance [1318.3 – 1314.9].

The short-term trend for XAUUSD has reversed upwards. Now, the buy target is Target Zone [1318.3 – 1314.9].

Look for long positions at the retest of the broken out Intermediary Zone [1299.6 – 1297.9], and from the new correctional one at [1294.2 – 1202.5]. These zones are close to each other and make up a single zone of good buy prices.

Short positions will be relevant if IZ is broken out again and the price consolidates below at the US session. If so, the next trading day, we shall start looking for sell positions with a target at the lower Target Zone.

 

XAUUSD trading tips for today:

Buy from the broken out zone of [1299.6 – 1297.9]. TakeProfit: Target Zone [1318.3 – 1314.9]. StopLoss: 1291.7


GBPUSD

The pound has risen to the highest level since June after the UK parliament rejected no-deal Brexit on Wednesday, following the 46-year term of the membership in the EU. The lawmakers are now to vote on whether to extend the deadline of March 29.

The GBP is trading up in the middle term, according to technical analysis. The price hit the strong resistance Target Zone 2 [1.3283 – 1.3245]. It hasn’t yet broken it through, but if the zone is broken out, the next target will be Target Zone 3 [1.3667 – 1.3629].

This week, traders have already worked out buy trades from the key support, the high was renewed. So, look for new longs from the new Target Zone [1.2997 – 1.2958].

The short-term GBP/USD trend continues, and, despite the strong news environment, the target, suggested by the methodology, Target Zone [1.3384 – 1.3345], has been reached. Now, the price is being corrected, rolling down from the resistance.

The correction may finish in Additional Zone [1.3285 – 1.3275] or in Intermediary Zone [1.3189 – 13170], therefore, look for purchases according to the pattern from these strong support zones. Buy target will be to renew the yesterday’s high.

If IZ is broken out downside with the consolidation below, I recommend selling GBP/USD down to the lower Target Zone [1.2997 – 1.2958].

 

GBPUSD  trading tips for today:

  1. If the price breaks out Intermediary Zone [1277 – 1.1268] and is consolidated above at the US session, buy in the correction. TakeProfit: Target Zone [1378 – 1.1360]. according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1.1277 – 1.1268]. TakeProfit: 1.1180, Gold Zone [1.1143 – 1.1134]. StopLoss: according to the pattern rules.

IZ - Intermediary Zone: responsible for the price momentum reversing.

TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.

GZ - Gold Zone: zone in the medium-term momentum.

All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.

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Price chart of GBPUSD in real time mode

Analysis for oil, gold and GBP/USD for 14.03.2019

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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