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US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

David Rodriguez, Head of Product

- Real trader volume spikes highlight important levels of support for US Dollar

- A recent Dollar breakdown against the Canadian Dollar is of special interest

- See more information on DailyFX on the Real Volume and Transactions indicators

Receive the Weekly Volume at Price report via PDF via David’s e-mail distribution list.

An important US Dollar pullback versus the Euro, Canadian Dollar, and New Zealand Dollar warns we may see continued USD weakness through upcoming trade.

EURUSD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The Euro has found important support just above the $1.05 mark, and a clear spike in volume in the $1.0525-1.0550 zone highlights a clear short-term price floor. Comparable resistance starts near the $1.08 mark, but ultimately we don’t see a more significant price ceiling until clear congestion in the $1.1300-$1.1400 area.

GBPUSD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The British Pound continues to trade near important lows with no clear levels of market interest acting as support. Price congestion and a volume spike near $1.5150 acts as near-term resistance.

USDJPY

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

Traders have kept the US Dollar in a range versus the Japanese Yen, and major volume levels from ¥118-119.50 suggest price may continue to consolidate given significant market interest.

AUDUSD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

A noteworthy trader volume spike near recent AUDUSD lows at $0.7550 highlights short-term support on the suddenly-resurgent pair. Short-term resistance is significant in the $0.7900-0.8000 range.

GBPJPY

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The British Pound has traded below important congestion support near ¥177.50, and this price level now acts as resistance. Failure to close above this level keeps pressure to the downside.

EURJPY

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

Limited EUR/JPY volume at current levels offers little meaningful support. A noteworthy spike in volume near ¥129 offers near-term resistance.

USDCHF

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The US Dollar trades almost exactly at important price support versus the Swiss Franc near SFr0.9600, and a break below would likely open up a larger decline.

USDCAD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The US Dollar has broken sharply below major support above C$1.2350, and the daily close below leaves our focus firmly to the downside. Support now turns to resistance, and only a break above negates our bias.

NZDUSD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The New Zealand Dollar has traded above important price resistance in the $0.7500-0.7550 range, and the next meaningful price ceiling begins near $0.7800.

AUDJPY

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

Modest AUD/JPY volume at current levels suggests there is little in the way of a larger breakdown. Significant resistance is seen near the ¥95 mark.

EURAUD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The EUR/AUD has broken below important support near the A$1.3800 mark and sees little in the way of a larger breakdown. Previous support now acts as near-term resistance.

EURGBP

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The Euro/Sterling trades at potentially meaningful support as indicated by volume near 0.7250. A break lower shows little in the way of important price floors, while resistance extends through 0.7350.

EURCAD

Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)

Length of bar indicates the sum of Buy and Sell volume.

US Dollar Likely to Trade Lower versus Canadian Dollar, Euro

Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez

The EUR/CAD sees little in the way of meaningful support as it breaks to fresh lows. Near-term resistance is previous spike-lows near C$1.3300.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Receive the Weekly Volume at Price report via PDF via David’s e-mail distribution list.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

http://www.fxcmapps.com/trading-station/directional-real-volume/

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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