Long-term review
Minuette operational scale (H4)
Did the reversal take place or is there a correction available? Here's the development options for the movement of the main currency instruments #USDX vs EUR / USD vs GBP / USD vs USD / JPY on March 27, 2020 in comprehensive form.
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US dollar Index
The movement of the#USDX dollar index from March 27, 2020 will be determined by the development and direction of the breakdown of 1/2 Median Line channel (99.35 - 100.15 101.05) of the Minuette operational scale forks. Look at the chart for the details of this movement.
The breakdown of the lower boundary (support level of 99.35) of the 1/2 Median Line Minuette channel will confirm the development of the movement of the dollar index in the equilibrium zone (99.35 - 98.20 - 97.15) of the Minuette operational scale forks.
On the contrary, in case of breakdown of the upper boundary (resistance level of 101.05) of the 1/2 Median Line channel of the Minuette operational scale forks, there may be a resumption of the upward movement of #USDX to the targets:
- initial SSL line (102.65) of the Minuette operational scale forks;
- maximum 102.99;
- control line UTL Minuette (103.85);
- warning line UWL38.2 Minuette (104.35).
The details of marking the movement of the dollar index from March 27, 2020 are presented on the animated chart.
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Euro vs US dollar
Starting March 27, 2020, the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (1.0915 - 1.1000 - 1.1105) of the Minuette operational scale forks will determine the development of the movement of the single European currency EUR / USD. We look at the markup for the development of this channel in the animated chart.
In case of breakdown of the upper boundary (resistance level of 1.1105) of the 1/2 Median Line channel of the Minuette operational scale forks, the development of the EUR / USD movement will continue in the equilibrium zone (1.1105 - 1.1230 - 1.1355) of the Minuette operational scale forks.
Alternatively, the breakdown of the support level of 1.0915 - the lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks is an option for the development of the downward movement of the single European currency to the initial SSL line (1.0715) of the Minuette operational scale forks with the prospect of updating the minimum of 1.0636.
The details of the EUR / USD movement options is shown on the animated chart.
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Great Britain pound vs US dollar
From March 27, 2020, Her Majesty's currency GBP / USD will continue to develop its movement depending on the development and direction of breakdown of the boundaries of the equilibrium zone (1.1755 - 1.1932 - 1.2085) of the Minuette operational scale forks. The details of the development of the indicated levels are presented on the animated chart.
In case of breakdown of the resistance level of 1.2085 - the upper boundary of ISL61.8 of the equilibrium zone of the Minuette operational scale forks. The further development of the GBP / USD movement will continue in the equilibrium zone (1.2085 - 1.2310 - 1.2520) of the Minuette operational scale forks.
On the other hand, if Her Majesty's Currency returns below the support level of 1.1755 - the lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks, will lead to the option of developing a downward movement to the boundaries of the 1/2 Median Line Minuette channel (1.1555 - 1.1420 - 1.1290) with the prospect of reaching the SSL Minuette start line (1.1180).
The details of the GBP / USD movement can be seen on the animated chart.
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US dollar vs Japanese yen
The direction of the breakdown of the range:
- resistance level of 109.75 - lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks;
- support level of 109.10 - upper boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks.
will determine the further development of the movement of the currency of the "land of the rising sun" USD / JPY from March 27, 2020.
The breakdown of the upper boundary (support level of 109.10) of the ISL38.2 equilibrium zone of the Minuette operational scale forks will lead to an option of continuing the development of the movement of USD / JPY within the boundaries of the equilibrium zones of the Minuette operational scale forks (109.10 - 108.30 - 107.50) and Minuette (108.30 - 107.00 - 105.70).
Meanwhile, in case of breakdown of the resistance level of 109.75, the movement of the currency of the "land of the rising sun" will return to the 1/2 Media Line channel (109.75 - 110.35 - 110.85) of the Minuette operational scale forks, and if breakdown of the upper boundary (110.85) of the channel occurs, then the development of the upward movement of this instrument can be directed towards the goals:
- initial SSL line (111.69) of the Minuette operational scale forks;
- maximum 112.20;
- SSL control line (112.60) 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 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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