Minuette operational scale (H4)
Continuation of the dollar's fall? Options for the development of the movement of major currency instruments #USDX vs EUR/USD, GBP/USD, and USD/JPY from April 30, 2020 in a complex form.
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US dollar index
The development of the movement of the dollar index #USDX from April 30, 2020 will be due to the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (99.55-99.80-100.05) of the Minuette operational scale - we look at the marking details on the animated chart.
Breakdown of the lower border of the channel 1/2 Median Line Minuette - support level of 99.55 - a continuation of the downward movement of the dollar index to the equilibrium zone (99.30-98.95-98.60) of the Minuette operational scale fork.
Breakdown of the upper border of the channel 1/2 Median Line Minuette - resistance level of 100.05 - development option of the upward movement #USDX to the targets:
- UTL control line (100.87) of the Minuette operational scale forks;
- local maximum 100.93.
- FSL end line (101.10) of the Minuette operational scale fork.
Details of the dollar index movement markup from April 20, 2020 are shown on the animated chart.
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Euro vs US dollar
The development of the movement of the single European currency EUR/USD from April 30, 2020 will be determined by the development and direction of the breakdown of the range:
- resistance level of 1.0870 - the upper limit of the channel 1/2 Median Line Minuette;
- support level of 1.0850 - 1/2 Median Line Minuette.
In case of breakdown of the upper border of the channel 1/2 Median Line Minuette - resistance level of 1.0870 - an option to achieve a single European currency of the borders of the equilibrium zone (1.0885-1.0930-1.0970) of the Minuette operational scale forks with the prospect of updating the local maximum of 1.0990.
With a joint breakdown of 1/2 Median Line Minute - the support level (B) 1.0850/B) - and 1/2 Median Line Minuette (1.0840), it will be possible to develop a downward movement of EUR/USD towards the goals:
- lower border of the channel 1/2 Median Line Minuette (1.0810);
- initial SSL line (1.0768) of the Minuette operational scale fork;
- ultimate Shiff Line Minute (1.0755 during Asian trading session);
- local minimum 1.0727.
Details of the EUR/USD movement options are shown on the animated chart.
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Great Britain pound vs US dollar
The movement of the currency of Her Majesty GBP/USD from April 30, 2020, will also be due to the development and direction of the breakdown of the range:
- resistance level of 1.2480 - starting line SSL of the Minuette operational scale forks;
- support level of 1.2420 - control line UTL of the Minuette operational scale fork.
The breakdown of the initial line SSL of the Minuette operational scale fork - resistance level of 1.2480 - together with the control line UTL Minuette (1.2505) make urgent continuation of the upward movement of the currency of Her Majesty for the purposes:
- warning lines UWL38.2 (1.2555) - UWL61.8 (1.2605) of the Minuette operational scale forks;
- local maximum 1.2646;
- warning line UWL100.0 Minuette (1.2680).
Breakdown of the control line LTL of the Minuette operational scale fork - support level of 1.2420 - an option to reach the GBP/USD borders of the channel 1/2 Median Line (1.2375-1.2335-1.2295) and the equilibrium zone (1.2295-1.2246-1.2180) of the Minuette operational scale fork.
Details of the movement of GBP/USD can be seen on the animated chart.
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US dollar vs Japanese yen
The currency movement of the "Land of the Rising Sun" USD/JPY from April 30, 2020 will also be determined by mining and the direction of the breakdown of the range:
- resistance level of 106.80 - control line UTL of the Minuette operational scale fork;
- support level of 106.30 - upper limit of the channel 1/2 Median Line Minuette.
In case of breakdown of the support level of 106.30, the development of the currency of the "Land of the Rising Sun" will continue in the 1/2 Median Line Minuette channel (106.30-106.10-105.90), and if you happen to have a joint breakdown of the lower border of the channel 1/2ML Minuette (105.90) and a 1/2 Median Line Minute (105.75), then the downward movement of this financial instrument can be continued to the zone equilibrium (105.25-105.00-104.80) of the Minuette operational scale fork.
And if there is a breakdown of the UTL control line of the Minuette operational scale fork - the resistance level of 106.80 - then the development of the upward movement of USD/JPY can be continued to the goals:
- upper bound of the channel 1/2 Median Line Minute (107.05);
- warning line UWL61. 8 (107.50) operating scale fork Minute;
- local maximum 108.10.
Details of the movement of USD/JPY are shown on the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers, and is not a guide to action (placing "sell" or "buy" orders).
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 currencies in the basket:
Euro - 57.6 %;
Yen - 13.6 %;
Pound - 11.9 %;
Canadian dollar - 9.1 %;
Swedish Krona - 4.2 %;
Swiss franc - 3.6 %.
The first coefficient in the formula brings the index value to 100 on the starting date - March 1973 when the main currencies began to be freely quoted relative to each other.
