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Here's a comprehensive analysis of the movement options for the main currency instruments - #USDX , EUR/USD, GBP/USD and USD/JPY - DAILY for December 6, 2019.
Minor operational scale (Daily time frame)
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US dollar Index
Starting from December 6, 2019, the development of the movement of the dollar index #USDX will depend on the development and direction of the breakdown range :
The breakdown of the final Schiff Line Minor - support level of 97.30 - will lead to the continuation of the downward movement of the dollar index to the targets: local minimum 97.10 - 1/2 Median Line Minor (96.90) - lower boundary of the ISL61.8 (96.25) equilibrium zone of the Minor operational scale forks - minimums (95.84 - 95.03).
On the contrary, when the upper boundary of ISL38.2 (resistance level of 97.50) is broken, the equilibrium zone of the Minor operational scale forks will develop the movement #USDX to the boundaries of 1/2 Median Line channel Minor (98.40 - 98.75 - 99.10) and equilibrium zones (99.35 - 99.75 - 100.20) of the Minuette operational scale forks.
The markup of #USDX movement options from December 6, 2019 is shown on the animated chart.
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Euro vs US dollar
From December 6, 2019, the development of the movement of the single European currency EUR/USD will be determined by the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (1.1090 - 1.1125 - 1.1165) of the Minuette operational scale forks. The details of the movement is presented on the animated chart.
The breakdown of the upper boundary of the 1/2 Median Line channel Minuette (resistance level of 1.1165) is a continuation of the upward movement of EUR / USD to the equilibrium zones (1.1185 - 1.1250 - 1.1305) of the Minuette operational scale forks.
On the other hand, the return of the single European currency below the support level of 1.1090 on the lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks will determine the continuation of the downward movement of this currency instrument to the goals: the initial SSL Minuette line (1.1035) - LTL Minuette control line (1.1000) - minimums (1.0981 - 1.0879).
The details of the EUR / USD movement options from December 6, 2019 are shown on the animated chart.
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Great Britain pound vs US dollar
Development and direction of the breakdown range:
will begin to determine the development trend of Her Majesty's GBP/USD currency movement from December 6, 2019.
A consecutive breakdown of resistance levels :
- 1.3140 - the upper boundary of the ISL61.8 equilibrium zone of the Minor operational scale forks;
- 1.1.3185 - warning line UWL61.8 of the Minuette operational scale forks;
will make it possible to continue the development of the upward movement of Her Majesty's currency to the local maximum 1.3379 and the warning line UWL100.0 (1.3410) fof the Minuette operational scale forks.
In case of breakdown of the warning line UWL38.2 (support level of 1.3045) of the Minuette operational scale forks, the development of the GBP / USD movement can be continued towards the goals: the 1/2 Median Line Minor (1.2950) - the control line UTL Minuette (1.2920) - the initial line SSL Minuette (1.2780) - the lower boundary of the ISL38.2 (1.2750) equilibrium zone of the Minor operational scale forks with the prospect of reaching the upper boundary of the 1/2 Median Line Minuette channel (1.2495).
The details of the GBP / USD movement from December 6, 2019 can be seen on the animated chart.
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US dollar vs Japanese yen
Similarly, the development of the currency movement of the "country of the rising sun" USD / JPY from December 6, 2019 will also depend on the direction of the breakdown of the range :
The breakdown of the reaction line RL23.6 (support level of 108.60)of the Minuette operational scale forks - continuation of the downward movement of USD / JPY to the targets: lower boundary of the ISL38.2 (108.30) equilibrium zone of the Minor operational scale forks - 1/2 Median Line channel (107.85 - 107.30 - 106.70) pof the Minuette operational scale forks.
Successive breakdown of resistance levels :
- 109.10 - red border of the of the Minuette operational scale forks;
- 109.35 - the 1/2 Median Line Minor;
- 109.50 - start line SSL Minuette;
- 109.77- control line UTL Minuette;
will determine the continuation of the development of the upward movement of the currency of the "land of the rising sun" to the upper boundary of ISL 61.8 (110.35) of the equilibrium zone of the Minor operational scale forks with the prospect of reaching a maximum of 112.42.
We look at the details of the USD / JPY movement on the animated 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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