What will happen to the "majors" on the eve of the first month of winter? Here's a comprehensive analysis of H4 movement options - #USDX, EUR/USD, GBP/USD and USD/JPY from November 28, 2019 of the Minuette operational scale forks.
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Once again, the development of the movement of the dollar index #USDX from November 28, 2019 will be due to the development and direction of the breakdown of the range :
- resistance level of 98.38 (control line UTL of the Minuette operational scale forks);
- support level of 98.25 (start line SSL of the Minuette operational scale forks).
The breakdown of the resistance level of 98.38 on the control line UTL of the Minuette operational scale forks and the update of the local maximum 98.45 will determine the continuation of the development of the upward movement #USDX to the boundaries of the equilibrium zone (98.63 - 99.00 - 99.35) of the Minuette operational scale forks.
On the contrary, the breakdown of the SSL Minuette start line (support level of 98.25) will direct the downward movement of the dollar index to the boundaries of the 1/2 Median Line (98.05 - 97.78 - 97.53) of the Minuette operational scale forks and equilibrium zones (97.78 - 97.65 - 97.53) of the Minuette operational scale.
The details of the #USDX movement are presented on the animated chart.
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Euro vs US dollar
The development of the single European currency EUR / USD movement from November 28, 2019 will be due to the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (1.1025 - 1.1010 - 1.0989) of the Minuette operational scale forks. The details of the processing of the indicated levels are presented on the animated chart.
The breakdown of the support level of 1.0989 on the lower boundary of the 1/2 Median Line Minuette channel will make it relevant to continue the movement of the single European currency in the equilibrium zones (1.0989 - 1.0970 - 1.0950) of the Minuette operational scale forks with the prospect of reaching the final Schiff Line Minuette (1.0940), the final line FSL Minuette (1.0885) and a local minimum of 1.0879 .
Alternatively, the breakdown of the upper boundary of the 1/2 Median Line Minuette channel (1.1025) is a variant of the development of the upward movement of EUR / USD to the targets: the initial SSL line (1.1050) of the Minuette operational scale forks - local maximum 1.1075 - a Median Line channel (1.1120 - 1.1150 - 1.1180) of the Minuette operational scale forks.
The details of the EUR / USD movement options are shown on the animated chart.
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Great Britain pound vs US dollar
Starting November 28, 2019, the development of Her Majesty's currency movement GBP / USD will be determined by the development and the direction of the breakdown of the range:
- resistance level of 1.2910 (the lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks);
- support level of 1.2875 (start line SSL of the Minuette operational scale forks).
The breakdown of the support level of 1.2875 on the initial SSL line of the Minuette operational scale forks will make it possible to continue the downward movement of Her Majesty's currency to the goals: control line FSL Minuette (1.2840) - minimums (1.2824 - 1.2769) - equilibrium zones (1.2740 - 1.2650 - 1.2550) of the Minuette operational scale forks.
However, in the event of a breakdown of the resistance level of 1.2910, the development of the GBP / USD movement will begin to occur within the boundaries of the 1/2 Median Line channel (1.2910 - 1.2932 - 1.2955) and the equilibrium zone (1.2970 - 1.3000 - 1.3030) of the Minuette operational scale forks with the prospect of reaching the SSL start line (1.3050) of the Minuette operational scale forks and final line FSL Minuette (1.3125).
The details of the GBP / USD movement can be seen on the animated chart.
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US dollar vs Japanese yen
Starting November 28, 2019, the development of the USD / JPY currency movement of the "land of the rising sun" will depend on the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (109.10 - 109.30 - 109.50) of the Minuette operational scale forks. Look at the animation chart for the movement details.
If the upper boundary of 1/2 Median Line channel of the Minuette operational scale forks (109.50) is broken, the upward movement of USD / JPY can continue to the resistance levels :
- 109.85 - warning line UWL38.2 of the forks of the operational scale Minute;
- 109.90 - control line UTL Minute;
- 110.05 - the final Shiff Line Minuette.
When the currency of the "country of the rising sun" returns below the lower boundary of the 1/2 Median Line Minuette channel (109.10), the downward movement of this currency instrument to the boundaries of the 1/2 Median Line channel (109.00 - 108.75 - 108.50) of the Minuette operational scale forks with the prospect of updating the local minimum 108.25.
We look at the details of the USD / JPY movement 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.
The material has been provided by InstaForex Company - www.instaforex.com