Technical analysis for USCrude, XAUUSD, and EURUSD today (6 February 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.

Yesterday, the euro reached the Target Zone 2.

The article covers the following subjects:

Contents

Oil price forecast for today: USCrude analysis

After updating February 2 low, the oil price went into an upward correction. If the correction continues today, expect the price in the resistance (A), which shifts to the zone of 75.08 – 74.75. After the resistance test, it will be profitable to consider new sales according to the trend with the first target at yesterday's low. The second target will be the lower Target Zone 69.27 – 68.28.

If during trading the price breaks out resistance (A), the correction will continue to the trend border. The trend border is located at the levels 76.89 – 76.40.

USCrude trading ideas for today:

  1. Sell according to the pattern at resistance (А) 75.08 – 74.75. TakeProfit: 71.56. StopLoss: according to the pattern rules.

  2. Sell according to the pattern at resistance (В) 76.89 – 76.40. TakeProfit: 71.56. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis

The short-term downtrend continued yesterday. As a result, February 2 low was updated and a sell pattern was formed. Today, consider sales according to the pattern with the first target at January 17 low around the level of 2003.

The trend border is located at 2070 – 2064. If the price tries to rise again, the trend border will be tested a second time. In this case, expect a sellers' reaction and look for the next sales pattern.

XAUUSD trading ideas for today:

Hold sell trades around resistance (В) 2070 – 2064. TakeProfit: 2003. StopLoss: 2064.


Euro/Dollar forecast for today: EURUSD analysis

Yesterday, the euro reached the Target Zone 2, 1.0719 – 1.0702. After this, the price corrected. Today the correction continues with a possible target in resistance (A) 1.0815 – 1.0807.

After reaching resistance (A), it will be profitable to consider sales again with a target at yesterday's low. If resistance (A) is broken out upside, the corrective growth will continue up to resistance (B) 1.0861 – 1.0849.

EURUSD trading ideas for today:

  1. Sell according to the pattern at resistance (А) 1.0815 – 1.0807. TakeProfit: 1.0725. StopLoss: according to the pattern rules.

  2. Sell according to the pattern at resistance (В) 1.0861 – 1.0849. TakeProfit: 1.0725. StopLoss: according to the pattern rules.


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Price chart of EURUSD 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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