Once again, let's talk about the "majors". Here's a comprehensive analysis of the movement options of #USDX, EUR/USD, GBP/USD and USD/JPY on H4 for November 21, 2019 on the Minuette operational scale forks.
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US dollar index
From November 21, 2019, the development of the movement of the dollar index #USDX will be due to the development and direction of the breakdown of the range :
- resistance level of 98.10 (the initial line of SSL of the Minuette operational scale forks);
- support level of 97.90 (1/2 Median Line Minuette).
Consecutive breakdown of resistance levels :
- 98.10 (starting line SSL Minuette);
- 98.15 (the upper boundary of the 1/2 Median Line Minuette channel);
- 98.23 (control line UTL Minuette);
will determine the continuation of the upward movement of the dollar index to the local maximum of 98.45 and the equilibrium zone (98.53 - 98.90 - 99.25) of the Minuette operational scale forks.
In case of breakdown of 1/2 Median Line Minuette (support level of 97.90), the option of developing a downward movement of #USDX to targets: the lower boundary of the channel 1/2 Median Line Minuette (97.65) - start line SSL Minuette (97.37) - equilibrium zone (97.30 - 97.05 - 96.82) of the Minuette operational scale forks, will continue.
The details of the #USDX movement are presented on the animated chart.
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Euro vs US dollar
Similarly, the development of the movement of the single European currency EUR / USD from November 21, 2019 will also be determined by the development and the direction of the breakdown of the range :
- resistance level of 1.1070 (lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks);
- support level 1.1045 (upper boundary of the 1/2 Median Line Minuette channel)
The breakdown of the support level of 1.1045 will cause the EUR/USD movement to be developed in the 1/2 Median Line channel again (1.1045 - 1.1025 - 1.1010) of the Minuette operational scale forks, and in case of breakdown of the lower boundary (1.1010) of this channel, the downward movement of this currency instrument may be continued towards goals: start line SSL Minuette (1.0995) - local minimum 1.0989 - end Schiff Line Minuette (1.0980) - control line LTL Minuette (1.0960) - upper line ISL38.2 (1.0945) equilibrium zones of the Minuette operational scale forks.
On the contrary, in case of breakdown of the resistance level 1.1070 (ISL38.2 Minuette), the development of the single European currency movement will begin to occur in the equilibrium zones (1.1070 - 1.1095 - 1.1115) of the Minuette operational scale forks with the prospect of reaching the warning line UWL38.2 (1.1150) of the Minuette operational scale.
The details of the EUR/USD movement options are shown on the animated chart.
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Great Britain pound vs US dollar
On November 21, 2019, the development of Her Majesty's currency movement GBP/USD will also be determined by the development and the direction of the breakdown of the boundaries of the 1/2 Median Line channel (1.2905 - 1.2880 - 1.2855) of the Minuette operational scale forks. Look at the animated chart for the movement details within this channel.
In case of breakdown of the lower boundary of the 1/2 Median Line Minuette channel (support level of 1.2855), the development of the GBP / USD movement will continue in the equilibrium zones (1.2855 - 1.2820 - 1.2785) of the Minuette operational scale forks with the prospect of updating the local minimum 1.2768 and reaching the upper boundary of ISL38.2 (1.2735) equilibrium zone of the Minuette operational scale forks.
Alternatively, the breakdown of the upper boundary of the 1/2 Median Line Minuette channel (resistance level of 1.2905) will direct the development of Her Majesty's currency movement towards the goals: initial SSL line (1.2960) of the Minuette operational scale forks - local maximums (1.2985 - 1.3012) - initial SSL line (1.3040) of the Minuette operational scale forks - the lower boundary of the 1/2 Median Line Minuette channel (1.3080).
The details of the GBP / USD movement can be seen on the animated chart.
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US dollar vs Japanese yen
The development of the currency movement of the "country of the rising sun" USD/JPY from November 21, 2019 will be due to the development and direction of the breakdown of the range:
- resistance level of 108.60 (1/2 Median Line Minuette);
- support level of 108.40 (control line LTL of the Minuette operational scale forks)
The breakdown of the 1/2 Median Line Minuette (resistance level of 108.60) - option for the development of the upward movement of the currency of the "country of the rising sun" to goals: upper boundary of the 1/2 Median Line Minuette channel (108.90) - 1/2 Median Line Minuette channel (108.95 - 109.15 - 109.30) - maximum 109.50 - lower boundary of the ISL38.2 (109.65) equilibrium zone of the Minuette operational scale forks.
Consecutive breakdown of support levels :
- 108.40 - control line LTL of the Minuette operational scale forks;
- 108.33- lower boundary of the 1/2 Median Line Minuette channel;
- 108.25 - local minimum;
will confirm the continuation of the development of the downward movement of USD / JPY to the boundaries of the equilibrium zone (107.95 - 107.55 - 107.10) of the Minuette operational scale forks.
The details of the USD / JPY movement are presented on 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 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.
