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US Dollar Trades at Critical Volume Support Levels, Next Move Key

US Dollar Trades at Critical Volume Support Levels, Next Move Key

2015-04-21 14:10:00
David Rodriguez, Head of Product
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- Real trader volume shows critical Euro support at $1.0600, major resistance not until $1.1350

- The US Dollar looks like a sell versus the Canadian Dollar and other key counterparts

- 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.

The US Dollar trades near critical support versus the Euro and Japanese Yen, and a break below key levels sets up a much larger selling opportunity.

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 Trades at Critical Volume Support Levels, Next Move Key

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

The Euro now trades between significant support near $1.0600 and noteworthy short-term congestion resistance in the $1.0750-1.0850 zone. A break above $1.0850 sees little in the way of meaningful volume levels until the $1.1350-1.1400 zone, and indeed our bias remains to the topside on a hold of $1.0600.

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 Trades at Critical Volume Support Levels, Next Move Key

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

The British Pound trades at congestion resistance at approximately the $1.4900 mark, and a break above sees little in the way of meaningful volume until $1.5150.

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 Trades at Critical Volume Support Levels, Next Move Key

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

Traders continue to keep the US Dollar above critical support in the ¥118-119.50 range, but a break lower sees little in the way of meaningful volume levels. The next USDJPY move may prove pivotal.

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 Trades at Critical Volume Support Levels, Next Move Key

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

The Australian Dollar has held above key volume support at $0.7550, but it has thus far been unable to clear above key resistance in the $0.7900-0.8000 range. The next break will likely determine near-term direction.

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 Trades at Critical Volume Support Levels, Next Move Key

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

The British Pound continues to hold critical congestion and volume support near ¥177.50, but a breakdown would leave little in the way of a move towards key volume levels near ¥172.50.

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 Trades at Critical Volume Support Levels, Next Move Key

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

Limited EUR/JPY activity near current price action offers no meaningful volume-based support or 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 Trades at Critical Volume Support Levels, Next Move Key

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

The US Dollar trades slightly below key support at SFr0.9600, and a sustained breakdown sets 0.9400 and eventually 0.8900 as the next important price floors.

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 Trades at Critical Volume Support Levels, Next Move Key

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

The US Dollar has sustained a break below key volume-based support at C$1.2350, and our bias remains firmly towards selling as long as price remains below said level.

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 Trades at Critical Volume Support Levels, Next Move Key

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

The New Zealand Dollar trades near key volume-based price resistance starting near $0.7700 and extending through $0.7900, while near-term support is $0.7500. A break higher will likely force a sustained move.

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 Trades at Critical Volume Support Levels, Next Move Key

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 remains 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 Trades at Critical Volume Support Levels, Next Move Key

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 Trades at Critical Volume Support Levels, Next Move Key

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 Trades at Critical Volume Support Levels, Next Move Key

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

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