November 2019 is getting near. Thus, we will consider the DAILY movement options - #USDX, EUR / USD, GBP / USD and USD / JPY in a comprehensive form.
Minor operational scale (Daily Time Frame)
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US dollar Index
The movement of the dollar index #USDX on November 2019 will receive its development depending on the development and the direction of the breakdown of the range :
- resistance level of 98.15 (the lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks);
- support level of 97.70 (the upper boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks).
Combined breakdown of support levels :
- 97.70 (ISL38.2 Minuette);
- 97.50 (the initial line of SSL Minor operating scale forks);
will confirm that the development of the movement of the dollar index will again occur within the equilibrium zones (97.70 - 97.15 - 96.60) of the Minuette operational scale forks, and in case of breakdown of ISL61.8 Minuette (96.60), it will become possible for the price of this currency instrument to reach the upper boundary of the 1/2 Median Line channel of Minor (96.45) and local minimum 85.84.
With the breakdown of resistance level of 98.15, the development of the #USDX movement will continue in the 1/2 Median Line Minuette channel (98.15 - 98.55 - 98.90) with the prospect of reaching the UTL control line (99.30) of the Minor operational scale forks and updating the maximum 99.67.
The markup of #USDX movement options on November 2019 is shown in the animated chart.
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Euro vs US dollar
Direction of the breakdown of the range :
- resistance level of 1.1115 (lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks);
- support level of 1.1055 (upper boundary of the 1/2 Median Line channel of the Minuette operational scale forks);
will determine the further development trend of the movement of the single European currency EUR / USD on November 2019.
Combined breakdown of resistance levels :
- 1.1115 (ISL38.2 Minuette);
- 1.1140 (1/2 Median Line Minor);
will confirm the return of the single European currency to the equilibrium zones (1.1115 - 1.1180 - 1.1250) of the Minuette operational scale forks and the development of movement in this zone, with the prospect (after the breakdown of ISL61.8 Minuette - 1.1250) of continuing the development of the upward movement to maximum 1.1412.
In case of breakdown of the support level of 1.1055, the development of the EUR / USD movement will continue in the 1/2 Median Line channel (1.1055 - 1.1010 - 1.0960) of the Minuette operational scale forks with the prospect of reaching the initial SSL Minuette line (1.0895) and updating minimum 1.0879.
The details of the EUR / USD movement options on November 2019 are shown in the animated chart.
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Great Britain pound vs US dollar
On November 2019, the development of Her Majesty's GBP / USD currency movement will continue based on the direction of the breakdown of the range :
- resistance level of 1.2875 (the lower boundary of the 1/2 Median Line channel of the Minor operational scale forks);
- support level of 1.2825 (Median Line of the Minuette operational scale forks).
The breakdown of the resistance level of 1.2875 - the development of the GBP / USD movement will be directed to the goals - the final Schiff Line Minuette (1.2930) - the upper boundary of the ISL61.8 (1.3015) equilibrium zone of the Minuette operational scale forks - 1/2 Median Line Minor (1.3165) - the lower boundary ISL3.2 (1.3300) equilibrium zone of the Minor operational scale forks -
In case of breakdown of the Median Line Minuette (support level of 1.2825), Her Majesty's downward movement of currency can be continued towards the targets - the lower boundary of ISL38.2 (1.2635) equilibrium zone of the Minuette operational scale forks - 1/2 Median Line channel of the Minuette operational scale forks (1.2500 - 1.2380 - 1.2245).
The details of the GBP / USD movement in November 2019 can be seen in the animated chart.
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US dollar vs Japanese yen
The currency of the "country of the rising sun" USD / JPY on November 2019 will also begin to develop its movement depending on the direction of the breakdown of the range :
- resistance level of 108.90 (control line UTL of the Minuette operational scale forks);
- support level of 108.40 (starting line SSLof the Minuette operational scale forks).
Consecutive breakdown of support levels :
- 108.40 (the initial SSL line of the forks of the Minuette operational scale forks);
- 108.10 (lower boundary of the ISL38.2 equilibrium zone of the Minor operational scale forks);
will make it relevant to continue the downward movement of the currency of the "land of the rising sun" to the boundaries of 1/2 Median Line channels of the Minor operational scale forks (107.50 - 106.75 - 105.90) and Minuette (107.05 - 106.50 - 105.90).
The upward movement of USD / JPY may take place in the case of a combined breakdown of resistance levels :
- 108.90 (control line UTL of the Minuette operational scale forks);
- 109.15 (Median line of the Minor operational scale forks);
and the target of this movement will be the upper boundary of the ISL61.8 (110.15) equilibrium zone of the Minor operational scale forks, and if the breakdown of ISL61.8 Minor occurs, then the price of this currency instrument can continue to grow to a maximum of 112.43.
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 major 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.
