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A new week has begun - what is it preparing for us? - Comprehensive analysis of the development options for the movement of currency instruments #USDX, EUR / USD, GBP / USD and USD / JPY on October 08, 2019
Minuette (H4 time frame)
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US dollar index
From October 8, 2019, the development of the movement of the dollar index #USDX will continue to be determined by the development and direction of breakdown of the boundaries of the equilibrium zone (98.95 - 98.75 - 98.55) of the Minuette operational scale. The details are shown in the graph.
The breakdown of the upper boundary of ISL38.2 (resistance level of 98.95) of the equilibrium zone of the Minuette operational scale fork - the development of the #USDX movement will continue to the boundaries in the 1/2 Median Line Minuette channel (99.19 - 99.25 - 99.40), and if breakdown of the upper boundary (99.30) of this channel occurs, then it will be possible to continue upward movement to goals - SSL Minuette start line (99.57) - maximum 99.67.
In case of breakdown of the lower boundary of ISL61.8 (support level of 98.55) of the equilibrium zone of the Minuette operational scale fork, the downward movement of the dollar index can be continued towards goals - start SSL line (98.20) of the Minuette operational scale - local minimum 98.14 - end Shiff Line Minuette (98.05)
The details of the #USDX movement are presented in the chart.
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Euro vs US dollar
The movement of the single European currency EUR / USD from October 08, 2019 will continue to depend on the development and direction of the breakdown of the boundaries 1/2 Median Line channel (1.0935 - 1.0955 - 1.0980) Minuette operational scale fork. We look at the traffic markings inside the channel in the chart.
The breakdown of the lower boundary of the 1/2 Median Line channel (support level of 1.0935) of the Minuette operational scale forks will determine the option to continue the development of the downward movement of the single European currency towards the goals - the initial SSL Minuette line (1.0915) - local minimum 1.0879 - control line LTL Minuette (1.0860)
On the contrary, the breakdown of the upper boundary of the 1/2 Median Line Minuette channel (resistance level of 1.0980) will make it relevant to continue the development of the upward movement of EUR / USD to the initial SSL line (1.1045) of the Minuette operational scale fork and the boundaries of the equilibrium zone (1.1065 - 1.1110 - 1.1155) of the Minuette operational scale fork.
The details of the EUR / USD movement options are shown in the chart.
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Great Britain pound vs US dollar
The GBP / USD currency pair remains inside the 1/2 Median Line channel (1.2305 - 1.2435 - 1.2555) of the Minuette operational scale fork, respectively, the movement thereof will be determined by these levels taking into account the development of the 1/2 Median Line channel (1.2406 - 1.2465 - 1.2520) of the Minuette operational scale. The movement markup is presented in the chart.
If GBP / USD return below the support level of 1.2305 on the lower boundary of the 1/2 Median Line channel of the Minuette operational scale fork - will make it possible to continue the downward movement to the targets - the initial SSL line (1.2255) of the Minuette operational scale - local minimum 1.2204 - the initial SSL Minuette line (1.2015).
On the contrary, if the breakdown of the upper boundary of the 1/2 Median Line Minuette channel occurs (resistance level of 1.2555), followed by an update of the local maximum 1.2582, then the development of the GBP / USD movement will begin to occur in the equilibrium zone (1.2555 - 1.2620 - 1.2695) of the Minuette operational scale fork.
The details of the GBP / USD movement can be seen in the chart.
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US dollar vs Japanese yen
The development of the USD / JPY currency movement of the "country of the rising sun" from October 08, 2019 will continue to be determined by working out the boundaries of the equilibrium zone (107.40 - 106.90 - 106.65) of Minuette operational scale. The traffic markings inside this zone are shown in the chart .
If breakdown of the upper border of ISL38.2 (resistance level of 107.15) occurs in the equilibrium zone of the Minuette operational scale fork, then the development of the currency of the country of the rising sun will continue to the boundaries of the 1/2 Median Line Minuette channel (107.55 - 107.72 - 107.90) with the prospect of reaching control lines - UTL Minuette (108.18) and UTL Minuette (108.50).
The breakdown of the lower boundary of ISL61.8 (support level of 106.65) of the equilibrium zone of the Minuette operational scale fork will direct the movement of USD / JPY to the boundaries of the 1/2 Median Line channel (106.50 - 105.95 - 105.40) of the Minuette operational scale fork.
We look at the details of the USD / JPY movement in the chart.
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The review was compiled without taking into account the news background. Thus, the opening of trading sessions of major 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.
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