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Long-term review

Now, we will continue to prepare the options for the movement of trading instruments #USDX, EUR / USD, GBP / USD and USD / JPY from August 23, 2019 according to the results of previous events.

Minuette operational scale (H4 time frame)

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US dollar index

The movement of the dollar index #USDX from August 23, 2019 will depend on the direction of the breakdown of the range :

  • resistance level of 98.40 (control line UTL Minuette operational scale fork);
  • support level of 98.20 (SSL Minuette start line)

As the #USDX return below the SSL start line (support level of 98.20) of the Minuette operational scale fork, it will make it relevant to achieve the boundaries of the 1/2 Median Line (98.05 - 97.70 - 97.40) of the Minuette operational scale fork and the development of movement within this channel.

With the combined breakdown of the UTL control line (resistance level of 98.40) of the Minuette operational scale fork and the SSL start line (98.50) of the Minuette operational scale fork, the continuation of the upward movement of the dollar index to targets will become relevant - maximum of 98.93 - UTL Minuette control line (99.10) - warning line UWL38 .2 Minuette (99.20) - warning line UWL61.8 Minuette (99.66).

The details of the #USDX movement are presented in the animated chart.

Exchange Rates 23.08.2019 analysis

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Euro vs US dollar

Similarly, the movement of the single European currency EUR / USD from August 23, 2019 will also receive its development depending on the direction of the breakdown of the range :

  • resistance level of 1.1080 (1/2 Median Line Minuette);
  • support level of 1.1070 (control line LTL Minuette operating scale fork).

The breakdown of the resistance level of 1.1080 (1/2 Median Line Minuette) will make it possible to develop the upward movement of the single European currency towards the targets - the initial SSL line (1.1100) of the Minuette operational scale fork- the upper boundary of the 1/2 of the Median Line channel (1.1110) of the Minuette operational scale fork with the prospect of reaching the 1/2 Median Line Minuette channel (1.1155 - 1.1180 - 1.1205).

With a sequential breakdown of the LTL control line (1.1070) of the Minuette operational scale fork, the initial SSL line (1.1060) of the Minuette operational scale forks and the lower boundary of the 1/2 Median Line Minuette channel (1.1050), the downward movement of EUR / USD will be possible to the targets - minimum 1.1027 - warning line LWL38.2 Minuette (1.0975).

The details of the EUR / USD movement options are shown in the animated chart.

Exchange Rates 23.08.2019 analysis

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Great Britain pound vs US dollar

Now, for Her Majesty's currency, the development of the GBP / USD movement from August 23, 2019 will also be determined by the direction of the breakdown of the range :

  • resistance level of 1.2150 (the initial line of SSL Minuette operating scale fork);
  • support level of 1.2170 (reaction line RL38.2 Minuette).

The breakdown of the SSL start line (resistance level of 1.2150) of the Minuette operational scale fork will direct GBP / USD movement to the targets - UTL control line Minuette (1.2172) - local maximum (1.2179) - SSL start line (1.2190) of the Minuette operational scale fork - local maximum 1.2210, and as an option - the achievement of the control line LWL38.2 Minuette (1.2280).

In case of the breakdown of the support level of 1.2120 on the reaction line RL38.2 Minuette, the downward movement of Her Majesty's currency can continue to the boundaries of the 1/2 Median Line Minuette channel (1.2105 - 1.2080 - 1.2060) with the prospect of reaching the upper boundary of the equilibrium zone ISL38.2 (1.2035) Minuette operating scale.

The details of the GBP / USD movement can be seen on the chart.

Exchange Rates 23.08.2019 analysis

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US dollar vs Japanese yen

As with other currency instruments, the development of the USD / JPY currency movement of the "country of the rising sun" from August 23, 2019 will be determined by the direction of the breakdown of the range :

  • resistance level of 106.70 (lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale fork);
  • support level of 106.40 (upper boundary of the ISL38.2 equilibrium zone of the Minuette operational scale fork).

The breakdown of ISL38.2 Minuette (support level of 106.40) will determine the development of the USD / JPY movement in the equilibrium zone (106.40 - 105.80 - 105.25) of the Minuette operational scale, and if the breakdown of ISL61.8 Minuette (105.25) takes place, then it will be possible to reach the SSL start line (105.06) of the Minuette operational scale fork and the final Schiff Line Minuette (104.90).

The breakdown of ISL38.2 Minuette (resistance level of 106.70) will confirm that further the development of the currency of the "country of the rising sun" will continue to the equilibrium zone (106.70 - 107.20 - 107.70) with the prospect of the Minuette operational scale fork. On the other hand, after the breakdown of ISL61.8 Minuette (107.70), we will be able to reach the SSL initial line (108.10) of the Minuette operational scale fork.

We look at the details of the USD / JPY movement on the animated chart.

Exchange Rates 23.08.2019 analysis

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The review is made without taking into account the news background. 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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Ratu Taslim,
Analytical expert
InstaForex Group © 2007-2019
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