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Minuette operational scale (H4)
Did the dollar stop declining? Here's the development options for the movement of the main currency instruments #USDX vs EUR / USD vs GBP / USD vs USD / JPY for March 5, 2020, in a comprehensive form.
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US dollar index
The movement of the #USDX dollar index from March 5, 2020 will be determined by the development and direction of the breakdown of the boundaries of the equilibrium zone (97.10 - 97.60 - 98.10) of the Minuette operational scale forks. We look at the movement markings inside this channel on the animated chart.
The breakdown of the upper boundary of the ISL38.2 (resistance level of 98.10) equilibrium zone of the Minuette operational scale forks will determine the continuation of the movement of the dollar index to the equilibrium zone (98.35 - 98.75 - 99.15) of the Minuette operational scale forks.
On the contrary, in case that there is a breakdown of the lower boundary of the ISL61.8 (support level of 97.10) equilibrium zone of the Minuette operational scale forks, together with the breakdown of the control line LTL (97.00) of the Minuette operational scale forks then the development of the downward movement of #USDX towards the targets will become relevant :
- the final Schiff Line Minuette (96.45);
- local minimum 96.36 ;
- end line FSL Minuette (95.50).
The details of the #USDX movement is presented on the animated chart.
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Euro vs US dollar
Further development of the movement of the single European currency EUR / USD from March 5, 2020 will be determined by the direction of the breakdown of the range :
The breakdown of the support level of 1.1105 at the boundary of the red zone of the Minuette operational scale forks is the continuation of the development of the downward movement of the single European currency to the boundaries of the equilibrium zones of the Minuette operational scale forks (1.1085 - 1.1030 - 1.0970) and Minuette (1.1020 - 1.0960 - 1.0900).
Alternatively, in case of breakdown of the reaction line RL100.0 (resistance level of 1.1190) of the Minuette operational scale forks will make it possible to continue the upward movement of EUR / USD to the targets:
- local maximums (1.1214 - 1.1240);
- end line FSL Minuette (1.1275);
- warning line UWL38.2 Minuette (1.1365).
The details of the EUR / USD movement options are shown on the animated chart.
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Great Britain pound vs US dollar
From March 05, 2020, Her Majesty's GBP / USD currency will continue to develop its movement depending on the development and direction of the breakdown of 1/2 Median Line channel (1.2810 - 1.2780 - 1.2750) of the Minuette operational scale forks. The details on developing the above levels are present on the animated chart.
The breakdown of the upper boundary (resistance level of 1.2810) of the 1/2 Median Line Minuette channel will lead to an option for the development of the upward movement of GBP / USD to the boundaries of the equilibrium zone (1.2855 - 1.2895 - 1.2930) of the Minuette operational scale forks with the prospect of reaching the lower boundary of ISL38.2 (1.3017) of the Minuette operational scale forks.
Serial breakdown of support levels :
- 1.2750 - lower boundary of the 1/2 Median Line Minuette channel;
- 1.2735 - the initial line of SSL Minuette;
- 1.2724 - local minimum;
- 1.2710- the control line LTL Minuette
will determine the continued development of the downward movement of Her Majesty's currency to the control line LTL Minuette (1.2650) and the warning lines of the Minuette operational scale forks - LWL38.2 Minuette (1.2605) and LWL61.8 Minuette (1.2520).
The details of the GBP / USD movement can be seen on the animated chart.
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US dollar vs Japanese yen
From March 5, 2020, the development of the USD / JPY currency movement of the rising sun will be due to the development and direction of the breakdown of the boundaries of the equilibrium zone (106.40 - 107.45 - 108.55) of the Minuette operational scale forks. The detailed elaboration of the indicated levels is presented on the animated chart.
In case of breakdown of the upper boundary of the ISL38.2 (resistance level of 108.55) equilibrium zone of the Minuette operational scale forks, the development of the upward movement of the currency of the country of the rising sun will be directed to the boundaries of the equilibrium zone (109.25 - 110.00 - 110.65) of the Minuette operational scale forks.
Alternatively, the breakdown of the lower boundary of the ISL61.8 (support level of 106.40) equilibrium zone of the Minuette operational scale forks will lead to an option to continue the downward movement of USD / JPY to the reaction line RL161.8 (103.40) and the final line FSL (102.80) of the Minuette operational scale forks.
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 starting date - March 1973, when the main currencies began to be freely quoted relative to each other.
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