Higher and higher and higher? Here's a comprehensive analysis of movement options of #USDX, EUR / USD, GBP / USD and USD / JPY (H4) from October 17, 2019.
Minuette (H4 time frame)
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US dollar Index
The movement of the dollar index #USDX from October 17, 2019 will continue to develop depending on the direction of the breakdown of the range :
- resistance level of 98.20 (the upper boundary of the ISL38.2 equilibrium zones of the Minuette operational scale fork);
- support level of 98.10 (final Schiff Line Minuette).
In the event of the breakdown of the final Schiff Line Minuette (support level of 98.10), the development of the movement of the dollar index will continue within the boundaries of the equilibrium zones of the Minuette operational scales fork (98.20 - 97.90 - 97.60) and Minuette (98.20 - 97.77 - 97.40) with the prospect of reaching the final line FSL (96.60) Minuette operating scale fork.
The breakdown of the upper boundary of ISL38.2 (resistance level of 98.20) of the Minuette operational scale fork together with the final Schiff Line Minuette (98.25) is an option for the development of the upward movement #USDX to the local maximum 98.65 and the boundaries of 1/2 Median Line Minuette channel (98.80 - 99.00 - 99.20).
The details of the #USDX movement are presented in the animated chart.
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Euro vs US dollar
EUR / USD will continue to develop movement inside the equilibrium zone (1.1045 - 1.1085 - 1.1120) of the Minuette operational scale fork. The movement markings within this zone are presented in the animated chart. So, what will happen further from the single European currency? After the breakdown of the indicated above the levels, we will consider the following:
The breakdown of the upper boundary of ISL61.8 (resistance level of 1.1120) of the equilibrium zone of the Minuette operational scale fork will make it relevant to continue the development of the upward movement of EUR / USD to targets - the lower boundary of ISL38.2 (1.1180) the equilibrium zone of the Minuette operational scale fork - the final Schiff Line Minuette (1.1210) - the final line FSL Minuette (1.1230).
In case of breakdown of the lower boundary of ISL38.2 (support level of 1.1045) of the equilibrium zone of the Minuette operational scale fork, the downward movement of EUR / USD can continue to 1/2 of the Median Line Minuette (1.1030) and the lower boundary of the 1/2 of the Median Line channel (1.0985) of the Minuette operational scale with the prospect of reaching the boundaries of 1/2 Median Line Minuette channel (1.0975 - 1.0950 - 1.0930) and local minimum 1.0879.
The details of the EUR / USD movement options are shown in the animated chart.
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Great Britain pound vs US dollar
Her Majesty's Currency in a range that is limited by levels:
- resistance level of 1.2910 (warning line UWL38.2 of the Minuette operational scale fork);
- support level of 1.2810 (control line UTL Minuette operational scale fork);
Accordingly, the development and direction of the breakdown of this range will determine the subsequent development of the GBP / USD movement from October 17, 2019.
The consecutive breakdown of the warning line UWL38.2 (resistance level of 1.2910) of the Minuette operational scale and for the reaction line RL161.8 (1.2933) of the Minuette operational scale fork will make it possible to continue the development of the upward movement of GBP / USD to the warning lines - UWL61.8 Minuette (1.2985) and UWL100.0 Minuette (1.3105) with the subsequent achievement of the final line FSL Minute (1.3180).
A combined breakdown of support levels - 1.2810 (UTL Minuette control line) and 1.2790 (SSL Minuette start line) will determine the development of Her Majesty's currency movement to the boundaries of the equilibrium zones of the Minuette operational scales forks (1.2700 - 1.2550 - 1.2405) and Minuette (1.2550 - 1.2475 - 1.2405) with the prospect of reaching the ultimate Schiff Line Minuette (1.2290).
The details of the GBP / USD movement can be seen in the animated chart.
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US dollar vs Japanese yen
As in the previous case, the movement of the USD / JPY currency of the country of the rising sun from October 15, 2019 will also be determined by the direction of the breakdown of the range:
- resistance level of 108.80 (the initial SSL line of the Minuette operational scale fork);
- support level of 108.45 (the boundary of the red zone of the Minuette operational scale fork).
The breakdown of the support level of 108.45 (the border of the red zone of the Minuette operational scale - the option of developing the downward movement of the currency of the "country of the rising sun" can be continued to the boundaries of the 1/2 Median Line Minuette channel (108.15 - 107.90 - 107.70) and the equilibrium zones of the Minuette operational scale fork (107.60 - 107.05 - 106.50) and Minuette (107.40 - 106.95 - 106.50).
The combined breakdown of the initial SSL line (resistance level of 108.80) of the Minuette operational scale fork and the UTL Minuette control line (109.00) will determine the continuation of the development of the upward movement of USD / JPY to the goals - the final line FSL (109.50) of the Minuette operational scale fork - the warning line UWL38.2 Minuette (110.45).
We look at the details of the USD / JPY movement in the animated 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 power factors 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.
