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What the first month of autumn prepares for us is a comprehensive analysis of the options for the movement of currency instruments, particularly #USDX, EUR/USD, GBP/USD and USD/JPY pairs from September 1, 2019.
Minute Operational Scale (H4 timeframe )
Previous review on #USDX, EUR / USD, GBP / USD of 08/29/2019 17:37 UTC + 3
US dollar index
The direction of breakdown range :
The resistance level is at 98.93 (local maximum);
The support level is at 98.70 (final Schiff Line Minuette operational scale pitchfork), which will determine the development of the movement of the dollar index #USDX from September 1, 2019.
Breakdown of support level at 98.70 (the final Minuette Schiff Line) is an option for the development of the downward movement of the dollar index to the borders of the equilibrium zone (98.60 - 98.50 - 98.37) and channel at 1/2 of the Median Line (98.33 - 98.22 - 98.11) forks of the Minuette operational scale with the prospect of achieving the initial SSL Minuette (98.00) and 1/2 Median Line Minute ( 97.80) lines.
The upward movement of #USDX can be continued with the upgrade of maximum`s 98.93 and 99.02, and it will be directed to the goals - control line UTL (99.20) forks Minuette operational scale- control line UTL (99.50) forks Minuette operational scale.
Details of the #USDX movement are presented in the animated chart.
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Euro vs US Dollar
The movements of the single European currency against the dollar from September 1, 2019 will also receive its development depending on the direction of the breakdown of the range:
The resistance level is at (control line LTL Minuette operational scale pitchfork);
The support level is at (final Schiff Line Minuette operational scale pitchfork)
A breakdown of the resistance level at 1.09905 (control line LTL forks of the operational scale Minute) followed by a breakdown of the warning line LWL38.2 Minute (1.1005) will determine the development of the upward movement of the single European currency to the channel boundaries 1/2 Median Line forks of the operational scale - Minuette (1.1056 - 1.1085 - 1.1110) and Minute (1.1120 - 1.1160 - 1.1200).
Breakdown of the final Schiff Line Minuette (support level of 1.0970) will make it relevant to continue the downward movement of the EUR/USD pair to the borders of the equilibrium zone (1.0895 - 1.0860 - 1.0825) forks of the Minuette operational scale.
Details of the EUR/USD movement options are shown in the animated chart.
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Great Britain Pound vs US Dollar
As with previous currency instruments, the development of GBP/USD currency movement from September 1, 2019 will depend on the direction of the breakdown of the range :
The resistance level is at 1.2160 (lower boundary of the channel 1/2 Median Line Minuette);
The support level is at 1.2145 (upper limit of the ISL38.2 equilibrium zone of the forks of the Minuette operational scale)
In case of a breakdown of the resistance level at 1.2160, the GBP/USD movement will again occur inside the 1/2 Median Line Minuette channel (1.2160 - 1.2190 - 1.2225), If the upper boundary (1.2225) of this channel is broken, the upward movement of this instrument can continue to the targets - the initial line SSL ( 1.2284 ) forks of operational scale Minuette, which coincides with 1/2 Median Line Minute - local maximum 1.2309 - control line UTL Minuette (1.2325) - upper boundary of the channel 1/2 Median Line Minute (1.2385).
In case of breakdown of ISL38.2 Minuette (support level 1.2145), the GBP/USD movement will continue in the equilibrium zone (1.2145 - 1.2100 - 1.2055) forks of the Minuette operational scale with the prospect of reaching and updating the minimum of 1.2015.
Details of the GBP/USD movement can be seen on the animated chart.
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US Dollar vs Japanese Yen
The development of the currency movement of the "country of the rising sun" USD/JPY from September 1, 2019 will also be determined by the direction of the breakdown of the range:
The resistance level is at 106.45 (lower boundary of ISL38.2 equilibrium zone of forks of Minuette operational scale);
The support level is at 106.15 (final Schiff Line Minuette)
The breakdown of the support level 106.15 (the final Schiff Line Minuette) will direct the USD/JPY movement to the equilibrium zone (105.85 - 105.30 - 104.75) forks of the Minuette operational scale.
With the breakdown of ISL38.2 Minuette (resistance level of 106.45), the development of the currency of the "rising sun country" will continue in the equilibrium zone (106.45 - 106.95 - 107.40) of the Minuette operational scale forks with the prospect of reaching the SSL start line (107.55) of the Minute operational scale.
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, the opening of trading sessions of the main financial centers and it is not 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 on March 1973, when the main currencies began to be freely quoted relative to each other.
ZUP and Andrews Pitchfork (terms, concepts, parameters).
ZUP & APL`s Analysis Study Materials.
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