Minuette ( H4 )
Let us consider the comprehensive options for the development of the movement of currency instruments AUD / USD vs USD / CAD vs NZD / USD vs #USDX from July 23, 2019 on the Minuette operational scale (H4 timeframe).
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US Dollar Index
The direction of development of the movement of the dollar index #USDX from July 23, 2019 will be determined by the direction of the range breakdown :
- resistance level of 97.35 (lower limit of the ISL38.2 equilibrium zone of the Minuette operational scale fork);
- 97.25 support level (Median Line channel of the Minuette operational scale)
For the breakdown of the support level of 97.25 (1/2 Median Line Minuette), the downward movement of the dollar index can be continued towards the targets - the lower limit of the ISL38.2 (96.92) Minuette operational scale fork - the final Schiff Line Minuette (96.73) - the initial SSL line (96.60) of the Minuette operational scale fork - the final Schiff Line Minuette (96.45), and the option to reach the upper boundary of the 1/2 Median Line Minuette ( 96.10 ).
In the event of a breakdown of the lower limit of ISL38.2 Minuette (resistance level of 97.35), the development of the #USDX movement will continue in the equilibrium zone (97.35 - 97.60 - 97.90) of the Minuette operational scale, with the prospect of reaching the final FSL Minuette line (98.55).
The markup of the #USDX motion options from July 23, 2019 is viewed on the animated graphics.
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Australian dollar vs US Dollar
The development of the AUD / USD movement from July 23, 2019 will be determined by working out towards the direction of the breakdown of the equilibrium zone (0.7048 - 0.7025 - 0.7000) of the Minuette operational scale fork.
For the breakdown of the upper limit of the ISL61.8 (resistance level of 0.7048) of the equilibrium zone of the Minuette, it will determine the development of the AUD / USD movement towards the targets - the initial SSL line (0.7070) of the Minuette operational scale fork - the local maximum 0.7083 - the UTL Minuette control line (0.7090) - the final line FSL Minuette (0.7135).
In case of a breakdown of the lower limit of ISL38.2 (support level of 0.7000) of the Minuette operational scale fork, the downward movement of theAustralian dollar will continue to the equilibrium zone (0.6985 - 0.6960 - 0.6935) of the Minuette operational scale fork.
The markup of the options for the movement of AUD / USD from July 23, 2019 are viewed on the animated graphics.
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New Zealand Dollar vs US Dollar
The further development of the movement of the New Zealand dollar NZD / USD from July 23, 2019 will be determined by working out towards the direction of the breakdown of the boundaries of the equilibrium zone (0.6765 - 0.6795 - 0.6825) of the Minuette operational scale.
The breakdown resistance level of 0.6825 (upper limit of ISL61.8 equilibrium zone of the Minuette operational scale fork) confirms the possibility of developing the upward movement of the New Zealand dollar to the targets - the final FSL line (0.6845) of the Minuette operational scale fork - the final FSL Minuette line (0.6920).
If the support level of 0.6765 is broken (ISL38.2 lower limit of the balance zone of the Minuette operational scale fork), the downward movement of NZD / USD will continue to the borders of the 1/2 Median Line channel Minuette (0.6730 - 0.6710 - 0.6684) with the possibility of reaching the Median Line (0.6640) Minuette operational scale fork.
For the layout of the movement options for NZD / USD July 23, 2019, look at the animated graphics.
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US Dollar vs Canadian Dollar
The development and direction of the breakdown of the 1/2 Median Line channel borders (1.3150 - 1.3120 - 1.3090) of the Minuette operational scale will determine the development of the Canadian dollar USD / CAD movement from July 23, 2019.
After the support level of 1.3090 is broken (lower channel 1/2 border Median Line Minuette) USD / CAD downward movement will be directed to the initial SSL (1.3015 - local minimum) and control LTL (1.2995) lines of the Minuette operational scale forks.
As a result of the breakdown of the resistance level of 1.3150 (the upper limit of the channel 1/2 Median Line Minuette) will be relevant to the continuation of the upward movement of USD / CAD to the equilibrium zone (1.3165 - 1.3210 - 1.3260) of the Minuette operational scale fork.
The layout of the options for the movement of USD / CAD from July 23, 2019 is viewed on the animated graphics.
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The review was compiled without regard to the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing orders " sell " or " buy ")
The formula for calculating the dollar index is
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
where power ratios correspond to the weights of 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 gives the index value to 100 on the date of the beginning of the countdown - 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