US Dollar Reclaims Critical Price Support - Here are Next Key Levels
19 May 2015 13:45, GMT- US Dollar retakes critical volume-based technical levels versus Euro, British Pound, Yen
- Greenback remains in control as traders switch direction in a hurry
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The US Dollar has traded above critical volume-based support versus the Euro, Sterling, and Japanese Yen. Here are the key levels we’re watching.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez
The Euro has failed to sustain a move above critical volume-based resistance starting at the $1.1350 mark, and a hold below keeps the larger downtrend firmly intact. Key support is seen near $1.10.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The British Pound has failed to sustain its rally above $1.5650, and said level now marks important resistance. Near-term support is seen in the $1.5300-1.5400 range.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The US Dollar continues to trade above critical support versus the Japanese yen, marked by a substantial build in volume in the ¥118-119 range. There is comparatively little in the way of resistance.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Australian Dollar has failed to sustain a move above a key volume-based technical level at the $0.8100 mark. Important support is now seen at previous resistance at the $0.7800 level.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Sterling currently trades at important volume-based technical support near ¥186, but a failure at these levels leaves little in the way of a move towards ¥183. Major resistance remains near ¥190.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Euro has failed to trade above substantial volume-based resistance versus the Japanese Yen at the ¥137-139 range. Our bias remains somewhat bearish as long it holds below.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The US Dollar trades at an important volume-based technical level versus the Swiss Franc at SFr0.9350, and further support starts near SFr 0.9050 while resistance is seen near SFr0.9450.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The US Dollar continues to hold above important volume-based support versus the Canadian Dollar at C$1.2000, and resistance is seen at C$1.2250. A breakdown sees little comparable support until C$1.16.
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.
The New Zealand Dollar has failed to hold above key volume-based technical levels near $0.7500, and further breakdown targets multi-year lows near $0.7170.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The AUD/JPY trades almost squarely at key volume-based technical levels in the ¥93.50-95.50 range, and a sustained move above leaves little in the way of major resistance.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The EUR/AUD trades at minor volume-based support near A$1.4100, and a continued breakdown leaves little in the way of a move towards comparable levels at A$1.3850.
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Euro/Sterling trades within meaningful price/volume congestion in the £0.7200-0.7400, and the lack of comparable support leaves focus on key lows near 0.7100 and the multi-year trough of 0.7010.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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