Forex Analysis & Reviews: 06.03.2020 - Comprehensive analysis of...

06.03.2020 03:51 AM

Comprehensive analysis of movement options of #USDX vs Gold & Silver (H4) from March 06, 2020

Do people long for metal along with the US dollar? Here's a comprehensive analysis of the development movement options for the #USDX vs Gold & Silver for March 06, 2020

Minuette operational scale forks (H4)

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US dollar index

The movement of the dollar index #USDX from March 06, 2020 will depend on the direction of the breakdown of the range :

resistance level of 96.97 - local minimum;
support level of 96.45 on the final Schiff Line of the Minuette operational scale forks

The return of the dollar index above the resistance level of 96.97 (local minimum) followed by the breakdown of ISL61.8 Minuette (97.10) will determine the development of the #USDX movement in the equilibrium zones (97.10 - 97.80 - 98.10) of the Minuette operational scale forks with the prospect of reaching the boundaries of the equilibrium zones (98.40 - 98.80 - 99.20) of the Minuette operational scale forks.

On the other hand, the breakdown of support level of 96.45 on the final Schiff Line Minuette with the subsequent update of minimum 96.36 will lead to an option to continue the downward movement #USDX to the final line FSL (95.50) of the Minuette operational scale forks and the warning line LWL38.2 Minuette (94.70).

The markup of #USDX movement options from March 06, 2020 is shown in the animated chart.

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Spot Gold

The development of the Spot Gold movement from March 6, 2020 will be determined by the development of the boundaries of the 1/2 Median Line channel (1640.00 - 1653.00 - 1666.00) of the Minuette operational scale forks and the equilibrium zone (1640.00 - 1659.00 - 1678.00) of the Minuette operational scale forks. The details are presented on the animated chart.

The breakdown of the support level of 1640.00 on the lower boundary of the 1/2 Median Line Minuette channel will lead to an option for the development of Spot Gold movement within the equilibrium zone (1640.00 - 1622.00 - 1605.00) of the Minuette operational scale forks with the prospect of reaching the initial SSL line (1588.00) of the Minuette operational scale forks.

Alternatively, in case of breakdown of the resistance level of 1678.00 on the upper boundary of ISL61.8 equilibrium zone of the Minuette operational scale forks, then the upward movement of Spot Gold can be continued to the goals:

- maximum 1688.87;

- the final Schiff Line Minuette 1697.00;

- control line UTL (1711.00) of the Minuette operational scale forks.

The details of the Spot Gold movement options from March 06, 2020 is shown in the animated chart.

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Spot Silver

The development and direction of the breakdown of the boundaries of 1/2 Median Line channel (17.070 - 17.400 - 18.030) of the Minuette operational scale forks will begin to determine the development of the Spot Silver movement from March 6, 2020. Look at the chart for the details of the development of the indicated levels.

The breakdown of the support level of 17.070 on the lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks, will lead to the development of Spot Silver movement which can be continued to the UTL control line (16.800) of the Minuette operational scale forks and the SSL start line (16.420) of the Minuette operational scale forks.

In contrast, a sequential breakdown of the resistance level of 17.640 on the upper boundary of the 1/2 Median Line Minuette channel as well as the 1/2 Median Line Minuette (17.720) will direct the development of Spot Silver movement to the upper boundary of the ISL61.8 (18.030) equilibrium zone of the Minuette operational scale forks and the final Shiff Line Minuette (18.500).

The details of the Spot Silver movement from March 06, 2020 can be seen in the animated chart.

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The review is made 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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