- US Dollar sustains move above key volume-based technical levels across the board
- Greenback targets a return to previous highs versus major FX counterparts
- See more information on DailyFX on the Real Volume and Transactions indicators
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The US Dollar broken key volume-based resistance versus the Euro, Sterling, and Japanese Yen. Here are the key price levels we’re watching next.
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 failed to sustain a move above a key volume-based congestion level at $1.1350 mark and has more recently broken key support at the $1.10 mark. Subsequent support is seen at $1.08 and eventually $1.07.
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 roundly failed to sustain its rally above $1.5650, and said level now marks important resistance. It currently trades at 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 has resoundingly broken above critical congestion 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 at key volume-based technical level at the $0.8100 mark and broken below previous resistance at the $0.7800 level. Further levels of interest are seen in the $0.7600-0.7650 zone.
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 fresh post-financial crisis highs, and our forex volume data shows near-term support starts at ¥186. There is little in the way of comparable resistance until 9/2008 highs near ¥197.
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 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 fairly significant volume-based technical resistance starting at SFr0.9500 versus the Swiss Franc, and indeed a failure to climb above SFr0.9600 leaves risks to the downside.
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 near critical volume-based support-turned-resistance versus the Canadian Dollar at C$1.2500, but a failure to close above leaves focus on key support at C$1.2250 and risks to the downside.
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 trade above key volume-based technical levels starting near $0.7350 and extending through $0.7500. A hold below 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 has traded below 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 has traded below meaningful price/volume congestion in the £0.7200-0.7400, and our focus turns to the multi-year trough of 0.7010 as subsequent price support.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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