Minuette operational scale (H4)
And again, let’s look at what will happen with the dollar index and the main cross-tools. Options for the development of the movement #USDX vs EUR/GBP, GBP/JPY, and EUR/JPY (H4) on April 17, 2020.
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US dollar index
From April 17, 2020, the movement of the dollar index #USDX will continue depending on the direction of the breakout of the range:
- resistance level of 99.80 at the lower border of the channel 1/2 Median Line Minuette;
- support level of 99.40 on the reaction line RL23.6 Minuette
Breakdown of the reaction line RL23/6 Minuette – support level of 99.40 – continued downward movement of the dollar index to targets:
- the initial line SSL Minuette (99.15);
- local minimum 98.82;
- balance zone (98.30-97.25-96.10) of the Minuette operational scale forks.
In the case of a breakdown of the resistance level of 99.80, the #USDX movement can be continued within the boundaries of the 1/2 Median Line channel (99.80-100.10-100.40) and equilibrium zones (100.40-100.80-101.20) of the Minuette operational scale forks.
The layout of the #USDX movement options from April 17, 2020 is shown on the animated chart.
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Euro vs Great Britain pound
The development of the movement of the “main” EUR/GBP cross-instrument from April 17, 2020 will be determined by the development and direction of the breakdown of the range:
- resistance level of 0.8730 on the initial line of the SSL of the Minuette operational scale forks;
- support level of 0.8695 on the midline Median Line Minute.
When the initial line breaks, the SSL Minuette – resistance level of 0.8730 – option to continue the upward movement of EUR/GBP to the goals:
- lower border of the channel 1/2 Median Line Minute (0.8810);
- upper bound of ISL38.2 (0.8870) of the balance zone of the Minuette operational scale forks;
- 1/2 Median Line Minute (0.8950).
The breakdown of the Median Line Minute – the support level of 0.8695 – and then updating the local minimum 0.8681 will become a relevant continued downward movement of the EUR/GBP to the lower border ISL61.8 (0.8520) zone equilibrium of the Minuette operational scale forks.
The EUR/GBP movement options from April 17, 2020, depending on the 1/2ML Minute channel processing, are shown on the animated chart.
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Great Britain pound vs Japanese yen
The development of cross-GBP/JPY since April 17, 2020 will also be due to the training and direction of a breakout of the range :
- resistance level of 135.00 1/2 Median Line Minute;
- support level of 134.35 on the line of control UTL of the Minuette operational scale forks.
If there will be a breakout of 1/2 Median Line Minute – the resistance level of 135.00 – followed by an update of the local maximum of 135.72 – then the upward movement of GBP/JPY can be continued to the goals:
- lower bound of ISL38.2 (137.30) of the equilibrium zone of the Minuette operational scale forks;
- upper border of the channel 1/2 Median Line Minute (137.70);
- midline Median Line Minute (140.90).
When the UTL control line breaks, the Minuette operating scale forks – the support level of 134.35 – the option to continue the development of the downward movement of GBP/JPY to the goals:
- the initial line SSL Minuette (132.70);
- lower border of the channel 1/2 Median Line Minute (132.30);
With the prospect of reaching the upper limit of the channel 1/2 Median Line (128.10) of the Minuette operational scale forks.
Options for the movement of GBP/JPY from April 17, 2020. look at the animated chart.
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Euro vs Japanese yen
Working out and direction of the range breakdown:
- resistance level of 117.20 at the upper border of ISL38.2 of the equilibrium zone of the Minuette operating scale fork;
- support level of 117.00 on the initial line of the SSL of the Minuette operating scale forks.
And it will determine the development of the EUR/JPY cross-instrument movement from April 17, 2020.
Breakdown of the upper border of ISL38.2 of the balance zone of the Minuette operating scale fork – resistance level of 117.20 – continued development of the EUR / JPY movement in the 1/2 channel Median Line Minute (117.20-117.80-118.45) with the prospect of reaching the borders of the equilibrium zone (118.65-119.15-119.70 ) of the Minuette operating scale forks.
In the event of a breakdown of the initial SSL fork operating scale Minuette – support level of 117.00 – and the subsequent update of the local minimum of 116.77 – the downward movement of EUR/JPY can be continued to the goals:
- Median Line Minute (116.45);
- minimum of 116.10.
- lower bound of ISL61.8 (115.70) equilibrium zone of the Minuette operating scale forks
;
With the prospect of reaching the final Shiff Line Minute (115.10).
The markup of the EUR/JPY movement options from April 17, 2020 is 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).
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.
The material has been provided by InstaForex Company – www.instaforex.com
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