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Let me bring to your attention a comprehensive analysis of movement options (h4 timeframe) of currency instruments - #USDX, EUR / USD, GBP / USD and USD / JPY from November 08, 2019
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US dollar index
Starting from November 08, 2019, the development of the #USDX dollar index movement will be determined by the development and direction of the breakdown of the equilibrium zones (97.90 - 97.78 - 97.68) of the Minuette operational scale. Look at the chart for details.
The breakdown of the resistance level of 97.90 at the upper boundary of ISL61.8 of the equilibrium zone of the Minuette operational scale forks will determine the continuation of the development of the upward movement dollar index to targets - 1/2 Median Line Minuette (98.05) - the upper boundary of the 1/2 Median Line Minuette channel (98.30) with the prospect of reaching the boundaries of the equilibrium zone (98.35 - 98.70 - 99.08) of the Minuette operational scale forks
On the contrary, the breakdown of the support level of 97.68 at the lower boundary of the ISL38.2 of the Minuette operational scale forks will direct the movement #USDX to the boundaries of the 1/2 Median Line Minuette channel (97.62 - 97.52 - 97.42) with the prospect of reaching the initial SSL Minuette line (97.32).
The details of the #USDX movement are presented in the animated chart.
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Euro vs US dollar
The development of the movement of the single European currency EUR / USD from November 08, 2019 will be determined by the development and direction of the breakdown of the boundaries 1/2 Median Line channel (1.1117 - 1.1085 - 1.1054) of the Minuette operational scale forks. The details of this movement are shown on chart.
The breakdown of the support level of 1.1054 will make it possible to develop the downward movement of EUR / USD which can be continued to the boundaries of the equilibrium zone (1.0985 - 1.0940 - 1.0895 ) of the Minuette operational scale forks.
In case of breakdown of the upper boundary of the 1/2 Median Line channel (resistance level of 1.1117) of the Minuette operational scale forks, the development of the EUR / USD movement will continue in the equilibrium zone (1.1110 - 1.1130 - 1.1145) of the Minuette operational scale forks, while in case of breakdown ISL61.8 Minuette (1.1145) the upward movement of this instrument will be directed to the maximum`s (1.1175 - 1.1180).
The details of the EUR / USD movement options are shown on the chart.
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Great Britain pound vs US dollar
From November 8, 2019, the development of Her Majesty's GBP / USD currency movement will depend on the development and direction of the breakdown of the 1/2 Median Line (1.2870 - 1.2845 - 1.2820) of the Minuette operational scale forks. The movement details inside 1/2 ML channel are presented in the chart.
In case of breakdown of the lower boundary of the 1/2 Median Line Minuette channel (support level of 1.2820) the downward movement of GBP / USD can continue to the boundaries of the equilibrium zones of the Minuette operational scale forks (1.2730 - 1.2690 - 1.2650) and Minuette (1.2720 - 1.2630 - 1.2535).
Combined breakdown of resistance levels :
- 1.2870 (the upper boundary of the 1/2 Median Line channel of the Minuette operational scale forks);
- 1.2890 (lower boundary of the 1/2 Median Line Minuette channel);
will make the development of Her Majesty's currency movement relevant within the boundaries of the 1/2 Median Line channel (1.2890 -1.2975 - 1.3065) of the Minuette operational scale forks.
The details of the GBP / USD movement can be seen at the chart..
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US dollar vs Japanese yen
Further development of the USD / JPY currency movement of the "country of the rising sun" from November 08, 2019 will be determined by the direction of the breakdown of the range :
- resistance level of 109.25 (control line UTL of the Minuette operational scale forks);
- support level of 109.10 (the initial line of SSL forks of the Minuette operational scale forks).
The breakdown of the UTL control line (resistance level of 109.25) of the Minuette operational scale forks, followed by updating the maximum 109.30 and breakdown of the UTL Minuette control line (109.45) will determine the continuation of the development of the upward movement of USD / JPY to the warning lines - UWL38.2 (109.75) - UWL61.8 (110.75) of the Minuette operational scale forks.
In case of breakdown of the SSL start line (support level of 109.10) of the Minuette operational scale forks, the development of the USD / JPY movement will be directed to the SSL start line (108.70) of the Minuette operational scale forks and the boundaries of the 1/2 Median Line Minuette channel (108.60 - 108.35 - 108.05) with the prospect of reaching the upper boundary of ISL38.2 (107.85) equilibrium zone of the Minuette operational scale forks.
We look at the details of the USD / JPY movement on the chart.
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The review is made without taking into account the news background. Thus, the opening of trading sessions of the main financial centers does not serve as a guide to action (placing orders "sell" or "buy").
The formula for calculating the dollar index :
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
where the power coefficients correspond to the weights of the currencies in the basket:
Euro - 57.6% ;
Yen - 13.6% ;
Pound Sterling - 11.9% ;
Canadian dollar - 9.1%;
Swedish krona - 4.2%;
Swiss franc - 3.6%.
The first coefficient in the formula leads the index to 100 at the start date of the countdown - March 1973, when the main currencies began to be freely quoted relative to each other.
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