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MT5.com - Comprehensive analysis of movement options for #USDX vs EUR/USD & GBP/USD & USD/JPY (Daily) on August 10, 2020

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Forex Analysis:::2020-08-07

Comprehensive analysis of movement options for #USDX vs EUR/USD & GBP/USD & USD/JPY (Daily) on August 10, 2020

Minor operational scale (Daily)

Are the peaks conquered? Correction? Options for the development of the movement #USDX vs EUR/USD & GBP/USD & USD/JPY (Daily) on August 10, 2020.

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US dollar index

From August 10, 2020, the movement of the dollar index #USDX will continue depending on the direction of the breakout of the range:

  • resistance level of 93.35 - the lower limit of the channel 1/2 Median Line of the Minute operational scale fork;
  • support level of 93.05 - upper bound of ISL38.2 balance zone of the Minor operational scale fork.

In case of a breakdown of the resistance level of 93.35, the movement of the dollar index will continue in the 1/2 Median Line Minute channel (93.35 - 93.65 - 94.00) with the possibility of continuing the development of the movement already in the equilibrium zone (94.25 - 94.80 - 95.30) of the Minute pitchfork with the prospect of reaching the initial SSL lines (96.25) of the Minor operational scale forks and the FSL Minute end lines (97.10).

If the support level of 93.05 breaks at ISL38.2 Minor, the #USDX movement will continue its development in the equilibrium zone (93.05 - 91.90 - 90.80) of the Minor operational scale fork.

The markup of the #USDX movement options from August 10, 2020 is shown on an animated chart.

analytics5f2d6fa3c8e64.jpg

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Euro vs US dollar

The single European currency EUR/USD from August 10, 2020 will be determined by the development and direction of the breakdown of the range:

  • resistance level of 1.1835 - the lower border of ISL38.2 equilibrium zone of the Minute operational scale fork;
  • support level of 1.1735 - the upper border of the channel 1/2 Median Line Minute.

In case of a breakdown of the support level of 1.1735, the movement of the single European currency will continue in the channel 1/2 Median Line (1.1735 - 1.1685 - 1.1645) of the Minute operational scale fork, and in the event of a breakdown of the lower boundary (1.1645) of this channel, the downward movement of this instrument can continue to the control line LTL Minute (1.1510) and the boundaries of the equilibrium zone (1.1345 - 1.1245 - 1.1135) of the Minor operational scale fork.

A breakdown of the resistance level of 1.1835 at ISL38.2 and Minute will return the development of the EUR/USD movement to the boundaries of the equilibrium zone (1.1835 - 1.1940 - 1.2010) of the Minute operational scale fork with the prospect of reaching the control line UTL (1.2120) of the Minor operational scale fork.

The EUR/USD movement options from August 10, 2020 are shown on the animated chart.

analytics5f2d6fbf91f7b.jpg

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Great Britain pound vs US dollar

The development of the movement of Her Majesty's currency GBP/USD from August 10, 2020 will also be due to the development and direction of the breakdown of the range:

  • resistance level of 1.3150 - the lower border of ISL38.2 equilibrium zone of the Minute operational scale fork;
  • support level of 1.3070 - the final Shiff Line Minute.

The breakdown of the final Shiff Line Minute - support level of 1.3070 - will determine the continuation of the downward movement of the currency of Her Majesty to the goals:

  • initial SSL line (1.2880) of the Minute operational scale fork;
  • channel 1/2 Median Line Minute (1.2845 - 1.2775 - 1.2695);
  • with the prospect of reaching the control lines - UTL Minor (1.2550) and LTL Minute (1.2460).

A breakdown of the 1.3150 resistance level at ISL38.2 Minute will make the development of the GBP/USD movement in the equilibrium zone relevant (1.3150 - 1.3300 - 1.3400) of the Minute operational scale fork.

Options for the movement of GBP/USD from August 10, 2020 are shown on the animated chart.

analytics5f2d6fe37d68d.jpg

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US dollar vs Japanese yen

The development of the movement of the currency of the "Land of the Rising Sun" USD/JPY from August 10, 2020 will be determined by the development and direction of the breakdown of the boundaries of the equilibrium zone (104.80 - 105.45 - 105.90) of the Minute operational scale fork - details of movement within this zone are shown on the animated chart of the Minute operational scale fork.

The breakdown of the resistance level of 105.90 at the upper boundary ISL38.2 zone equilibrium of the Minute operational scale fork will be relevant in the development of the upward movement of the currency "Land of the Rising Sun" to the ultimate Shiff Line Minute (106.65), the lower boundary ISL38.2 (107.35) fork operational scale Minor, and the borders of the channel 1/2 Median Line Minute (108.10 - 108.50 - 109.00).

A breakout of the lower border ISL61.8 zone equilibrium of the Minute operational scale fork - support level 104.80 - confirm the further development of the movement of USD/JPY in the channel 1/2 Median Line (105.20 - 103.90 - 102.50) of the Minor operational scale fork.

The markup of USD/JPY movement options from August 10, 2020 is shown on an animated chart.

analytics5f2d700796a39.jpg

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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy"orders).

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 currencies in the basket:

Euro — 57.6 %;

Yen — 13.6 %;

Pound sterling — 11.9 %;

Canadian dollar — 9.1 %;

Swedish Krona — 4.2 V %;

Swiss franc — 3.6 %.

The first coefficient in the formula brings the index value to 100 on the starting date-March 1973, when the main currencies began to be freely quoted relative to each other.

Ratu Taslim
Analyst InstaForex
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