The Minute operating scale (H4)
Is the US Dollar continuing to dominate commodity currencies? Overview of AUD/USD & USD/CAD & NZD/USD H4 possibilities from October 20, 2020
____________________
Australian Dollar vs US Dollar
The development of the movement of the Australian Dollar in the AUD/USD pair from October 20, 2020 will be determined by the development and direction of the breakdown of the range:
- The resistance level of 0.7110 at the lower border of the channel 1/2 Median Line of the Minuette operating scale pitchfork
- The support level of 0.7085 on the initial SSL line of the Minuette operational scale pitchfork
In case of a breakdown of the support level [B] 0.7085 / B] on the initial SSL line of the Minuette operational scale pitchfork, the downward movement of AUD / USD can be directed towards these targets:
- LTL control line for Minute operational scale pitchforks (0.7057)
- The control line at LTL Minuette operational scale pitchforks 0.7045
- Warning line at LWL38.2 (0.7017) of the Minute operational scale pitchfork
- The local minimum of 0.7007
- Warning line at LWL 61.8 Minute (0.6955)
A breakout of the 0.7110 resistance level will make it important to develop the movement of the Australian Dollar inside the 1/2 Median Line Minuette channel (0.7110 - 0.7127 - 0.7145) with the possibility of reaching the equilibrium zone (0.7175 - 0.7205 - 0.7235) of the Minuette operational scale pitchforks and channel boundaries 1/2 Median Line (0.7235 - 0.7290 - 0.7350) which is a fork of the Minute operational scale.
____________________
US Dollar vs Canadian Dollar
The movement of the Canadian Dollar in the USD/CAD pair from October 20, 2020 will also depend on the development and direction of the breakdown of the range:
- The resistance level of 1.3185 on the RL38.2 reaction line of the Minuette operational scale pitchfork
- The support level of 1.3100 on the initial SSL line of the Minuette operational scale pitchfork
Breakdown of the reaction line RL38.2 Minuette: there will be a resistance level of 1.3185 and the resumption of the development of the USD / CAD upward movement to the boundaries of the 1/2 Median Line channel (1.3210 - 1.3245 - 1.3280) and to the equilibrium zone (1.3300 - 1.3350 - 1.3400) of the Minuette operating scale pitchfork.
In case of a breakdown of the support level 1.3140 on the initial SSL line of the Minuette operational scale, the development of the Canadian Dollar's movement may continue to the boundaries of the 1/2 Median Line channel (1.3090 - 1.3030 - 1.2980) of the Minute operational scale pitchfork.
____________________
New Zealand Dollar vs US Dollar
The New Zealand Dollar in the NZD/USD pair from October 20, 2020, as in the first two cases, will continue to move depending on the development and direction of the breakdown of the range:
- The resistance level of 0.6660 on the UTL control line of the Minuette operational scale pitchfork
- The support level of 0.6625 on the initial SSL line of the Minuette operational scale pitchfork
If the initial SSL line of the Minuette operational scale pitchfork is broken down to the support of level 0.6625, the development of the NZD/USD pair's movement may continue to the targets:
- Initial SSL line (0.6607) of the Minute operational scale pitchfork
- Local minimum of 0.6573
with the prospect of reaching the borders of the 1/2 Median Line channel (0.6555 - 0.6525 - 0.6495) which is a fork of the Minuette operational scale.
A breakout of the resistance level 0.6660 on the UTL control line for the Minuette operational scale is an option to continue the development of the upward movement of the New Zealand Dollar towards these goals:
- Local maximum of 0.6679
- The lower limit ISL38.2 (0.6727) of the equilibrium zone of the pitchfork of the Minute operational scale
- The median Line (0.6767) of the Minute operational scale pitchfork
____________________
The review is compiled without taking into account the news background and the opening of trading sessions of the main financial centers and is not a guide to action (placing buy or sell orders).
The material has been provided by InstaForex Company - www.instaforex.com