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1 Forecast for GBP/USD on October 22, 2019
The risk of a pound reversal has increased on October
GBP/USD The pound traded in a wide range of 140 points on Monday, but against the background of the last two weeks, such dynamics can be called moderate. The situation around Brexit calmed down, the British Parliament refused to vote on the same Johnson proposal several times, work is underway on the changes. Technically, the probability of a reversal has increased - the leading indicator Marlin is turning down from the overbought zone. The growth potential is seen at the...

GBP/USD

The pound traded in a wide range of 140 points on Monday, but against the background of the last two weeks, such dynamics can be called moderate. The situation around Brexit calmed down, the British Parliament refused to vote on the same Johnson proposal several times, work is underway on the changes.

analytics5dae8563456d0.png

Technically, the probability of a reversal has increased - the leading indicator Marlin is turning down from the overbought zone. The growth potential is seen at the Fibonacci level of 61.8% at the price of 1.3062.

analytics5dae8578794da.png

On the four-hour chart, multiple divergence according to Marlin continues to form, the signal line of the indicator has almost reached the boundary of the transition to the decline zone. Leaving the line in this zone may not allow the pound to grow to a promising target of 1.3062. Consolidating the price under the level of 1.2864 (coincides with the low of yesterday) opens the subsequent targets 1.2814 and 1.2744. The current situation is neutral.

Forex analysis 22 Oct 2019, 04:24 UTC+00
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2 Forecast for EUR/USD on October 22, 2019
The euro may continue to grow to 1.1215, but you should still take a closer look
EUR/USD The Brexit situation has stalled since the beginning of the new week, and the currency market along with it. The British Parliament refused to vote on the same version of the deal several times. The euro stopped at a Fibonacci level of 110.0%, on a wider story this is the resistance zone of the end of April-the first half of early May, the first half of June 2017, September 2016, etc. The indicators are growing on the daily chart. The main scenario for further events...

EUR/USD

The Brexit situation has stalled since the beginning of the new week, and the currency market along with it. The British Parliament refused to vote on the same version of the deal several times. The euro stopped at a Fibonacci level of 110.0%, on a wider story this is the resistance zone of the end of April-the first half of early May, the first half of June 2017, September 2016, etc. The indicators are growing on the daily chart.

analytics5dae87361b8ea.png

The main scenario for further events is the euro's fall to the price channel line to the area of 1.1120 and the resumption of growth to the Fibonacci level of 100.0% at the price of 1.1215. Here it is possible to ease the indicators and prepare the market for a decline in the phase of accurate profit taking. Profit-taking will be the main sign of a turnaround, as the volume of purchases has been the largest since the beginning of September.

Forecasts on economic indicators are also not in favor of the dollar: home sales in the US secondary real estate market in September are expected to be 5.45 million compared to 5.49 million a month earlier, European PMIs for October will come out on Thursday, which are projected to increase.

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On the four-hour chart, the Marlin oscillator went down sharply, but it still remains in the growing trend zone.

Forex analysis 22 Oct 2019, 04:30 UTC+00
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3 EUR/USD: plan for the European session on October 22. Only positive Brexit news will return euro buyers to the market and lead to growth above 1.1188
Saturday's vote on Brexit failed. An attempt to vote was blocked yesterday. As a result, everything is postponed to...
To open long positions on EURUSD you need: Saturday's vote on Brexit failed. An attempt to vote was blocked yesterday. As a result, everything is postponed to today. The absence of important fundamental statistics will maintain low volatility in the market until the voting results appear. To continue the euro's growth, it is required to maintain the level of 1.1147 in the first half of the day, as well as the formation of a false breakdown on it, which will update the highs in the...

To open long positions on EURUSD you need:

Saturday's vote on Brexit failed. An attempt to vote was blocked yesterday. As a result, everything is postponed to today. The absence of important fundamental statistics will maintain low volatility in the market until the voting results appear. To continue the euro's growth, it is required to maintain the level of 1.1147 in the first half of the day, as well as the formation of a false breakdown on it, which will update the highs in the areas of 1.1188 and 1.1226, where I recommend profit taking. However, without good news, this is unlikely to succeed. Johnson's next unsuccessful attempt to advance his deal could put pressure on the pair. Therefore, in the scenario of a decline to the level of 1.1148 in the morning, it is best to count on purchases from a low of 1.1116, subject to the formation of a false breakout, as well as a rebound from a larger support of 1.1090.

To open short positions on EURUSD you need:

The main task of the bears today will be the return of the pair to the support level of 1.1148, which yesterday could not be done. Only in this scenario can we expect to increase pressure on the euro, which will lead to lows in the areas of 1.1116 and 1.1090, where I recommend profit taking. However, a larger downward movement can be expected only after news of the next failure of Boris Johnson or the failure of the vote on the deal. With a EUR/USD growth scenario above the resistance of 1.1188, and approval of the Brexit deal, it is best to consider new short positions from the highs of 1.1226 and 1.1263.

Signals of indicators:

Moving averages

Trade is conducted in the region of 30 and 50 moving average, which indicates market uncertainty and the brewing downward correction.

Bollinger bands

Volatility is very low, which does not provide signals on entering the market.

analytics5dae99a3cd789.png

Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: Fast EMA 12, Slow EMA 26, SMA 9
  • Bollinger Bands 20
Forex analysis 22 Oct 2019, 05:49 UTC+00
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4 Technical analysis: Important intraday Level For EUR/USD, October 22,2019
When the European market opens, there will be no economic reports
When the European market opens, no economic data will be released.The US will publish such economic data as Richmond Manufacturing Index, Existing Home Sales, and Federal Budget Balance. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1205. Strong Resistance: 1.1199. Original Resistance: 1.1188. Inner Sell Area: 1.1177.Target Inner Area: 1.1151. Inner Buy Area: 1.1125.Original Support: 1.1114. Strong...

analytics5dae6b24a78d1.jpg

When the European market opens, no economic data will be released.The US will publish such economic data as Richmond Manufacturing Index, Existing Home Sales, and Federal Budget Balance. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1205. Strong Resistance: 1.1199. Original Resistance: 1.1188. Inner Sell Area: 1.1177.Target Inner Area: 1.1151. Inner Buy Area: 1.1125.Original Support: 1.1114. Strong Support: 1.1103. Breakout SELL Level: 1.1097.(Disclaimer)
Forex analysis 22 Oct 2019, 02:36 UTC+00
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5 Elliott wave analysis of GBP/JPY for October 22 - 2019
Voting for Prime Minister Boris Johnson's Brexit deal was rejected for the second time. Nevertheless, soon or late...
Voting for Prime Minister Boris Johnson's Brexit deal was rejected for the second time. Nevertheless, soon or late the British parliament will have to vote on the proposal. A yes to the deal will likely be favorable to the GBP, while a no-vote will hurt GBP in the short-term. It is hard to predict the outcome but the loss of upside momentum indicates the likelihood of a no-vote. Additionally, correction in GBP/JPY towards 135.67 before renewed strength may push GBP/JPY higher again...

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Voting for Prime Minister Boris Johnson's Brexit deal was rejected for the second time. Nevertheless, soon or late the British parliament will have to vote on the proposal. A yes to the deal will likely be favorable to the GBP, while a no-vote will hurt GBP in the short-term. It is hard to predict the outcome but the loss of upside momentum indicates the likelihood of a no-vote. Additionally, correction in GBP/JPY towards 135.67 before renewed strength may push GBP/JPY higher again towards 144.98 and above in the longer-term.

R3: 142.26

R2: 141.50

R1: 141.00

Pivot: 140.56

S1: 139.46

S2: 138.60

S3: 137.84

Trading recommendation:

We are looking for a new GBP buying opportunity near 135.75

Forex analysis 22 Oct 2019, 04:52 UTC+00
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6 Elliott wave analysis of EUR/JPY for October 22 - 2019
EUR/JPY remains locked in a narrow trading-band near the peak at 121.47. We continue to look for a short-term...
EUR/JPY remains locked in a narrow trading-band near the peak at 121.47. We continue to look for a short-term correction towards 119.87 before the next impulsive rally higher towards the next minor target at 124.64. In the short-term, a break below 120.64 will confirm the correction towards 119.87 and then higher from there again. R3: 122.01 R2: 121.50 R1: 121.00 Pivot: 120.64 S1: 120.25 S2: 119.87 S3: 119.10 Trading recommendation: We are long EUR from 117.25 with our stop...

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EUR/JPY remains locked in a narrow trading-band near the peak at 121.47. We continue to look for a short-term correction towards 119.87 before the next impulsive rally higher towards the next minor target at 124.64.

In the short-term, a break below 120.64 will confirm the correction towards 119.87 and then higher from there again.

R3: 122.01

R2: 121.50

R1: 121.00

Pivot: 120.64

S1: 120.25

S2: 119.87

S3: 119.10

Trading recommendation:

We are long EUR from 117.25 with our stop placed at 119.00

Forex analysis 22 Oct 2019, 04:43 UTC+00
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7 Fractal analysis of the main currency pairs for October 22
Dear colleagues. For the pair euro / dollar, the continuation of the main movement to the top is expected after the...
Forecast for October 22 : Analytical review of currency pairs on the scale of H1: For the euro / dollar pair, the key levels on the H1 scale are: 1.1223, 1.1179, 1.1161, 1.1140, 1.1123 and 1.1092. Here, we continue to monitor the development of the upward cycle of October 9. Short-term upward movement is expected in the range 1.1161 - 1.1179. The breakdown of the last value will lead to a movement to a potential target - 1.1223, when this level is reached, we expect a pullback...

Forecast for October 22 :

Analytical review of currency pairs on the scale of H1:

analytics5dae4c0522dad.png

For the euro / dollar pair, the key levels on the H1 scale are: 1.1223, 1.1179, 1.1161, 1.1140, 1.1123 and 1.1092. Here, we continue to monitor the development of the upward cycle of October 9. Short-term upward movement is expected in the range 1.1161 - 1.1179. The breakdown of the last value will lead to a movement to a potential target - 1.1223, when this level is reached, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range 1.1140 - 1.1123. The breakdown of the last value will lead to a long correction. Here, the goal is 1.1092. This level is a key support for the top.

The main trend is the local ascending structure of October 8.

Trading recommendations:

Buy: 1.1162 Take profit: 1.1175

Buy 1.1181 Take profit: 1.1220

Sell: 1.1140 Take profit: 1.1124

Sell: 1.1121 Take profit: 1.1093

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For the pound / dollar pair, the key levels on the H1 scale are: 1.3215, 1.3141, 1.3033, 1.2939, 1.2810, 1.2734 and 1.2625. Here, we are following the development of the upward cycle of October 9. The continuation of the movement to the top is expected after the breakdown of the level of 1.3035. Here, the potential target is 1.3141. Price consolidation is in the range of 1.3141 - 1.3215.

Short-term downward movement is expected in the range of 1.2877 - 1.2810. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2715. This level is a key support for the top. Its breakdown will lead to the formation of potential for the downward cycle. Here, the target is 1.2625.

The main trend is the upward structure of October 9.

Trading recommendations:

Buy: 1.3035 Take profit: 1.3140

Buy: 1.3143 Take profit: 1.3215

Sell: 1.2877 Take profit: 1.2813

Sell: 1.2808 Take profit: 1.2717

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9902, 0.9879, 0.9863, 0.9836, 0.9822 and 0.9794. Here, we are following the development of the local descending structure of October 15. Short-term downward movement is expected in the range 0.9836 - 0.9822. The breakdown of the latter value will lead to a pronounced movement to a potential target - 0.9794. We expect a pullback to the top from this level.

Short-term upward movement is possibly in the range of 0.9863 - 0.9879. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 0.9902. This level is a key support for the downward structure.

The main trend is the local descending structure of October 15.

Trading recommendations:

Buy : 0.9863 Take profit: 0.9875

Buy : 0.9881 Take profit: 0.9900

Sell: 0.9836 Take profit: 0.9822

Sell: 0.9820 Take profit: 0.9796

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For the dollar / yen pair, the key levels on the scale are : 109.66, 109.33, 108.90, 108.72, 108.24, 108.02 and 107.67. Here, we are following the development of the upward cycle of October 4. Short-term upward movement is expected in the range 108.72 - 108.90. The breakdown of the latter value will lead to a movement to the level of 109.33. Price consolidation is near this level. For the potential value for the top, we consider the level of 109.66. Upon reaching this level, we expect a consolidated movement, as well as a pullback to the bottom.

Short-term downward movement is expected in the range of 108.24 - 108.02. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 107.67. This level is a key support for the top.

The main trend: the upward cycle of October 4.

Trading recommendations:

Buy: 108.90 Take profit: 109.30

Buy : 109.34 Take profit: 109.65

Sell: 108.24 Take profit: 108.03

Sell: 108.00 Take profit: 107.70

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3160, 1.3128, 1.3101, 1.3073, 1.3036 and 1.2989. Here, we consider the descending structure of October 10 as a medium-term initial condition. The continuation of movement to the bottom is expected after the breakdown of the level of 1.3073. In this case, the target is 1.3036. Price consolidation is near this level. For the potential value for the bottom, we consider the level of 1.2989. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 1.3101 - 1.3128. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3160. This level is a key support for the downward structure.

The main trend is the downward cycle of October 10.

Trading recommendations:

Buy: 1.3101 Take profit: 1.3126

Buy : 1.3130 Take profit: 1.3160

Sell: 1.3073 Take profit: 1.3038

Sell: 1.3034 Take profit: 1.3000

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6933, 0.6901, 0.6886, 0.6854, 0.6838, 0.6820 and 0.6805. Here, we are following the development of the ascending structure of October 16. Short-term upward movement is expected in the range of 0.6886 - 0.6901. The breakdown of the latter value will lead to the development of pronounced movement to a potential target - 0.6933. From this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.6854 - 0.6838. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.6820. The range of 0.6820 - 0.6805 is the key support for the upward structure.

The main trend is the upward structure of October 16.

Trading recommendations:

Buy: 0.6887 Take profit: 0.6900

Buy: 0.6904 Take profit: 0.6930

Sell : 0.6854 Take profit : 0.6840

Sell: 0.6836 Take profit: 0.6820

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For the euro / yen pair, the key levels on the H1 scale are: 121.95, 121.79, 121.34, 121.03, 120.61, 120.28, 119.92 and 119.64. Here, we are following the development of the local ascendant structure of October 15. Short-term upward movement is expected in the range 121.03 - 121.34. The breakdown of the level of 121.35 should be accompanied by a pronounced upward movement. Here, the target is 121.79. Price consolidation is in the range of 121.79 - 121.95. From here, we expect a correction.

Short-term downward movement is possibly in the range of 120.61 - 120.28. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 119.92. This level is a key support for the top. Its passage at the price will lead to the formation of initial conditions for the downward cycle. In this case, the first goal - 119.64.

The main trend is the upward structure of October 15.

Trading recommendations:

Buy: 121.05 Take profit: 121.34

Buy: 121.36 Take profit: 121.76

Sell: 120.60 Take profit: 120.33

Sell: 120.25 Take profit: 119.94

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For the pound / yen pair, the key levels on the H1 scale are : 142.82, 140.89, 139.53, 138.70, 137.79 and 137.08. Here, we are following the development of the upward cycle of October 8. The continuation of movement to the top is expected after the breakdown of the level of 140.90. In this case, the potential target is 142.82. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 139.53 - 138.70. The breakdown of the last value will lead to a long correction. Here, the target is 137.79. The range of 137.79 - 137.08 is the key support for the top.

The main trend is the medium-term upward structure of October 8.

Trading recommendations:

Buy: 141.00 Take profit: 142.80

Sell: 139.50 Take profit: 138.75

Sell: 138.65 Take profit: 137.80

Forex analysis 22 Oct 2019, 00:37 UTC+00
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8 Forecast for USD/JPY on October 22, 2019
USD/JPY should overcome 108.90 to continue growth
USD/JPY Yesterday, the dollar against the yen once again showed approximate stability in the market. External support for the pair still came from the stock market (S&P 500 0.69%), which, in turn, grew due to optimism regarding trade negotiations between the US and China. The risk of further development of a reversal divergence remains on the daily chart. Only a price move above the resistance of the red price channel 108.90 can remove this risk.

USD/JPY

Yesterday, the dollar against the yen once again showed approximate stability in the market. External support for the pair still came from the stock market (S&P 500 0.69%), which, in turn, grew due to optimism regarding trade negotiations between the US and China.

analytics5dae832163acc.png

The risk of further development of a reversal divergence remains on the daily chart. Only a price move above the resistance of the red price channel 108.90 can remove this risk.

analytics5dae8336bc36c.png

Forex analysis 22 Oct 2019, 03:59 UTC+00
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9 GBP/USD: plan for the European session on October 22. Another postponement of the Brexit vote for today. The pound is ready to break above 1.3040
Boris Johnson's attempt last Saturday to hold a vote in the House of Commons over his deal failed. Yesterday's...
To open long positions on GBP/USD you need: Boris Johnson's attempt last Saturday to hold a vote in the House of Commons over his deal failed. Yesterday's attempt was blocked. Everything has been postponed to today. Therefore, the volatility of the pound is unlikely to be high until any news in this direction appears. A break and consolidation above the resistance of 1.3037 will be possible only after the news that the deal has been approved. In this scenario, we can expect further...

To open long positions on GBP/USD you need:

Boris Johnson's attempt last Saturday to hold a vote in the House of Commons over his deal failed. Yesterday's attempt was blocked. Everything has been postponed to today. Therefore, the volatility of the pound is unlikely to be high until any news in this direction appears. A break and consolidation above the resistance of 1.3037 will be possible only after the news that the deal has been approved. In this scenario, we can expect further strengthening of the pound to the highs of 1.3074, 1.3167 and 1.3227. Any negative background will put pressure on GBP/USD, so only the formation of a false breakout in the support area of 1.2946 will be a signal to buy the pound. In a different scenario, the pair will decline for this support, and long positions can be returned to the rebound from lows of 1.2842 and 1.2664.

To open short positions on GBP/USD you need:

Sellers need bad Brexit news, and the formation of a false breakout in the resistance area of 1.3037 will be the first signal to sell the pound. Without specifics on Brexit, I do not recommend opening short positions on the pound, because if the deal is approved, the pair can strengthen by another 300-400 points. The more important task of the bears today is to return and consolidate the pair below the support of 1.2946, which will push the pound to lows of 1.2842 and 1.2664, where I recommend profit taking. However, such a downward movement will be possible only if the opponents of the current Brexit in Parliament again do not allow Johnson to vote by his deal, and even worse - if the vote turns out to be a failure. In case the pound further grows above the resistance of 1.3037, you can look at short positions after testing the highs of 1.3167 and 1.3265.

Signals of indicators:

Moving averages

Trading is conducted above 30 and 50 moving averages, which indicates the maintenance of a bullish trend.

Bollinger bands

Volatility has greatly decreased, which does not provide signals for entering the market.

analytics5dae9b5a562fe.png

Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: Fast EMA 12, Slow EMA 26, SMA 9
  • Bollinger Bands 20
Forex analysis 22 Oct 2019, 05:55 UTC+00
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10 #USDX vs EUR / USD vs GBP / USD vs USD / JPY (H4). Comprehensive analysis of movement options from October 21, 2019 APLs & ZUP analysis
What did Monday, October 21, 2019 prepared for us in the market? Here's a comprehensive analysis of movement options...
What did Monday, October 21, 2019 prepared for us in the market? Here's a comprehensive analysis of movement options of #USDX, EUR / USD, GBP / USD and USD / JPY (H4) Minuette (H4 time frame) ___________________ US dollar Index From October 21, 2019 the movement of the dollar index #USDX will continue depending on the direction of the breakdown of the range : resistance level of 97.55 (the initial line of SSL Minuette operating scale fork); support level of 97.45...

What did Monday, October 21, 2019 prepared for us in the market? Here's a comprehensive analysis of movement options of #USDX, EUR / USD, GBP / USD and USD / JPY (H4)

Minuette (H4 time frame)

___________________

US dollar Index

From October 21, 2019 the movement of the dollar index #USDX will continue depending on the direction of the breakdown of the range :

  • resistance level of 97.55 (the initial line of SSL Minuette operating scale fork);
  • support level of 97.45 (control line LTL Minuette operating scale fork).

In case of breakdown of the LTL control line Minuette operational scale fork (support level of 97.45) together with the lower boundary of the ISL61.8 (support level of 97.35) equilibrium zone of the Minuette operational scale fork, the downward movement of the dollar index can continue to the FSL Minuette end line (96.05).

The breakdown of the SSL Minuette initial line (resistance level of 97.55) will determine the development of movement towards the goals - the Median Line Minuette channel (97.75) - the upper boundary of the ISL38.2 (98.10) equilibrium zone of the Minuette operational scale fork with the prospect of reaching #USDX of the boundaries of the equilibrium zone (98.55 - 98.85 - 99.20) of the Minuette operational scale fork.

The details of the #USDX movement are presented in the animated chart.

analytics5dadc2c1c45b2.jpg

____________________

Euro vs US dollar

The single European currency EUR / USD from October 21, 2019 will begin to develop its movement depending on mining and the direction of breakdown of the range :

  • resistance level of 1.1152 (control line UTL Minuette operational scale fork - local maximum);
  • support level of 1.1125 (reaction line RL100.0 Minuette operational scale fork)

Updating the local maximum - breakdown of the UTL control line (resistance level of 1.1152) of the Minuette operational scale fork - continuation of the upward movement of the single European currency towards the targets - lower boundary of the ISL38.2 (1.1180) equilibrium zone of the Minuette operational scale fork - final Schiff Line Minuette (1.1205) - the median line channel of the Minuette (1.1245).

The breakdown of the reaction line RL100.0 (support level of 1.1125) of the Minuette operational scale fork will direct the development of the EUR / USD movement towards the goals - the boundary of the red zone (1.1065) Minuette operational scale fork - the boundaries of the 1/2 Median Line channel (1.1055 - 1.1030 - 1.1000) and the equilibrium zone (1.1020 - 1.0975 - 1.0935) of the Minuette operational scale fork.

The details of the EUR / USD movement options are shown in the animated chart.

analytics5dadc2e01bee6.jpg

____________________

Great Britain pound vs US dollar

Her Majesty's GBP / USD currency from Monday, October 21, 2019, will begin to develop its movement depending on the development and direction of the breakdown range :

  • resistance level of 1.2910 (reaction line RL161.8 Minuette operational scale fork);
  • support level of 1.2765 (the upper boundary of the 1/2 Median Line channel of Minuette operational scale fork).

The breakdown of the reaction line RL161.8 (resistance level of 1.2190) of the Minuette operational scale with a consistent breakdown of the initial SSL (1.2989 - local maximum) and control UTL (1.3020) of the lines of the Minuette operational scale fork will determine the continuation of the development of the upward movement of Her Majesty's currency to the final FSL (1.3180) and the warning UWL38.2 (1.3420) lines of the Minuette operational scale fork.

The breakdown of the support level of 1.2765 - continuation of the development of the GBP / USD movement within the 1/2 Median Line Minuette (1.2765 - 1.2695 - 1.2625) and equilibrium zones of the Minuette operational scales fork (1.2695 - 1.2595 - 1.2500) and Minuette (1.2695 - 1.2550 - 1.2400) with the prospect of reaching the final line FSL Minuette (1.2205).

The details of the GBP / USD movement can be seen in the animated chart.

analytics5dadc3048dd77.jpg

____________________

US dollar vs Japanese yen

As in previous cases, the movement of the currency of the "country of the rising sun" USD / JPY from October 21, 2019 will also be determined by the direction of the breakdown of the range :

  • resistance level of 108.55 (starting line SSL Minuette operational scale fork);
  • support level of 108.25 (the upper boundary of the 1/2 Median Line channel of Minuette operational scale fork).

The breakdown of the support level of 108.25 - the development of the currency of the "country of the rising sun" will begin to occur in the 1/2 channel Median Line Minuette (108.25 - 108.00 - 107.75) with the prospect of reaching the boundaries of the equilibrium zones of the Minuette operational scale fork (107.65 - 107.05 - 106.50) and Minuette (107.20 - 106.75 - 106.30).

The breakdown of the SSL start line (resistance level of 108.55) of the Minuette operational scale fork will make the development of the USD / JPY upward movement towards the targets relevant - local maximum 108.95 - UTL Minuette control line (109.05) - final line FSL (109.50) of the Minuette operational scale fork - warning line UWL38.2 Minuette (110.45).

We look at the details of the USD / JPY movement in the animated chart.

analytics5dadc3223179e.jpg

____________________

The review is made without taking into account the news background. Thus, the opening of trading sessions of the main 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 power factors 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.

Forex analysis 22 Oct 2019, 01:28 UTC+00
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