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Minuette operational scale (H4)
The last month of spring ends - what's next? Options for the development of the movement of #USDX vs EUR/GBP & GBP/JPY & EUR/JPY (H4) on May 28, 2020.
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US dollar index
The development of the movement of the dollar index (#USDX) from May 28, 2020 will be determined by the development and direction of the breakdown of the boundaries of the equilibrium zone (98.95-98.75-98.55) of the Minuette operational scale fork - details of movement within this zone are shown on the animated chart.
A breakdown of the resistance level of 98.95 at the upper border of the ISL38.2 balance zone of the Minuette operational scale forks will direct the movement of the dollar index to the borders of the 1/2 medium Line Minuette channel (99.00-99.14-99.30), and if there will be a breakdown of the upper limit (99.30) of this channel, then the upward movement of #USDX can be continued to the goals:
A breakdown of the support level of 98.55 at the lower border of the ISL61.8 equilibrium zone of the Minuette operational scale fork will determine the further development of the dollar index movement within the equilibrium zone (98.55-98.15-97.80) of the Minuette operational scale fork.
Details of the dollar index movement markup from May 28, 2020 are shown in the animated chart.
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Euro vs US dollar
The development of the movement of the single European currency (EUR/USD) from May 28, 2020 will be determined by the direction of the breakdown of the range:
If EUR/USD returns below the UTL control line in the Minuette operational scale - the support level of 1.1005 - the development of the downward movement of the single European currency towards the goals will become relevant:
If you place a breakdown warning line UWL38.2 of the Minuette operational scale fork - resistance level is 1.1025 - then the upward movement of the single European currency can be continued to the equilibrium zone (1.1065-1.1105-1.1145) of the Minuette operational scale forks, with the prospect after the breakdown of ISL61.8 Minute (1.1145), reaching the warning line UWL161.8 Minuette (1.1280).
Details of the EUR/USD movement options from May 28, 2020 are shown on the animated chart.
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Great Britain pound vs US dollar
The further development of the movement of Her Majesty's currency (GBP/USD) from May 28, 2020 will be determined by the development and direction of the breakdown of the channel boundaries of the channel 1/2 Median Line (1.2290-1.2235-1.2170) of the Minuette operational scale forks - detailed movement inside the 1/2ML Minuette channel is shown on the animated graph.
A consistent break of the support level of 1.2170 on the lower border of the channel 1/2 Median Line of the Minuette operational scale forks and the initial line SSL Minuette (1.2145) make possible the continuation of the downward movement of GBP/USD to a local minimum of 1.2073 and helpful line LTL Minuette (1.1995) with the prospect of achieving the upper border of the channel 1/2 Median Line (1.1715) of the Minuette operational scale forks.
Breakdown of the upper border of the channel 1/2 Median Line Minuette - resistance level 1.2290 - option to continue the development of the upward movement of the currency of Her Majesty to the goals:
Details of the movement of GBP/USD since May 28, 2020 can be seen on the animated chart.
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US dollar vs Japanese yen
Starting May 28, 2020, the movement of the "Land of the Rising Sun" currency (USD/JPY) will also be determined by mining and the direction of the breakdown of the channel boundaries 1/2 Median Line (108.00-107.87-107.75) of the Minuette operational scale forks - we look at the animation details of the movement inside this channel * .gif chart (opens in a separate tab).
In case of breakdown of the resistance level of 108.00 on the upper boundary of the 1/2 channel Median Line of the Minuette operational scale forks with the subsequent update of the local maximum 108.10, the upward movement of the currency of the "Land of the Rising Sun" can be continued to the UTL Minuette (108.45) and the equilibrium zone (108.60-109.20)-109.80) of the Minuette operational scale forks.
And if there is a breakdown of the lower border of the channel 1/2 Median Line in the operating scale of Minuette - the support level of 107.75 - then the downward movement of USD/JPY can be continued to the goals:
Details of the USD/JPY movement since May 28, 2020 are 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.
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