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What surprises await us in the second half of March? Here's a comprehensive analysis of movement options of #USDX vs EUR/USD vs GBP/USD vs USD/JPY (DAILY) on March 17, 2020.
Minor operational scale (Daily time frame)
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US dollar index
The movement of the dollar index #USDX from March 17, 2020 will be determined by the development and direction of the breakdown of the equilibrium zone (96.95 - 97.55 - 98.25) of the Minuette operational scale forks. The marking details are shown on the animated chart.
The breakdown of the upper boundary of the ISL61.8 (resistance level of 98.25) equilibrium zone of the Minuette operational scale fork, it will make it relevant continued development of the upward movement #USDX to the final Schiff Line Minuette (99.22) and local maximum 99.92.
In the event of breakdown of the lower boundary of the ISL38.2 (support level of 96.95) equilibrium zone of the Minuette operational scale forks, the development of the movement of the dollar index will be directed to the initial SSL Minuette line (94.95) and the local minimum 94.64.
The markup of the #USDX movement options from March 17, 2020 is shown on the animated chart.
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Euro vs US dollar
The single European currency EUR / USD is also in the equilibrium zone (1.1020 - 1.1110 - 1.1195) of the Minuette operational scale forks. The development and the direction of breakdown of the boundaries of which will determine the development of the movement of this instrument from March 17, 2020. The details of the development at these levels are presented on the animated chart.
In case of breakdown of the lower boundary of the ISL61.8 (support level of 1.1020) equilibrium zone of the Minuette operational scale forks, the downward movement of EUR / USD can be continued to the goals:
-ultimate Shiff Line Minuette (1.0890);
- SSL start line (1.0790) of the Minor operational scale forks;
- control line LTL Minor (1.0750);
- Starting line SSL Minuette (1.0720).
On the contrary, if the breakdown of the upper boundary of the ISL38.2 (resistance level of 1.1195) equilibrium zone of the Minuette operational scale forks takes place, then the development of the movement of the single European currency will continue in the 1/2 Median Line channel (1.1170 - 1.1300 - 1.1430) of the Minor operational scale forks.
The details of the EUR / USD movement options from March 17, 2020 is shown on the animated chart.
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Great Britain pound vs US dollar
Her Majesty's currency develops movement in the equilibrium zone (1.2120 - 1.2335 - 1.2555) of the Minuette operational scale forks. The details of the development of the above levels are presented on the animated chart.
In case of breakdown of the lower boundary of the ISL61.8 (support level of 1.2120) equilibrium zone of the Minuette operational scale forks, the downward movement of GBP / USD can be continued to the final Schiff Line Minuette (1.2060) and the LTL control line (1.1958) of the Minor operational scale forks.
Alternatively, in case of breakdown of the upper boundary ISL38.2 (resistance level of 1.2555) of the equilibrium zone of the Minuette operational scale forks, it will become possible to develop an upward movement of Her Majesty's currency to the boundaries of the 1/2 Median Line channel (1.2865 - 1.3160 - 1.3445) of the Minor operational scale forks.
The details of the GBP / USD movement from March 17, 2020 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 since March 17, 2020 will be determined by the development and the direction of the breakdown of the boundaries of the equilibrium zone (105.55 - 106.90 - 108.30) of the Minuette operational scale forks. The markup of working out the mentioned levels is presented on the animated chart.
The breakdown of the upper boundary of the ISL61.8 (resistance level of 108.30) equilibrium zone of the Minuette operational scale forks will determine the further development of the movement USD / JPY in the 1/2 Median Line channel (108.30 - 109.40 - 110.60) of the Minor operational scale forks.
On the contrary, in case of breakdown of the lower boundary of the ISL38.2 (support level of 105.55) equilibrium zone of the Minuette operational scale forks, the currency of the "land of the rising sun" will continue its movement towards the goals:
- control line LTL (104.45)of the Minor operational scale forks;
- warning line LWL61.8 Minor (102.85);
- Starting line SSL Minuette (101.40);
- control line LTL Minuette (100.95).
The details of the USD / JPY movement are presented 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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