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US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

2015-05-27 14:55:00
David Rodriguez, Head of Product
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- 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

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

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

US Dollar Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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.

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 Targets Fresh Highs versus Yen, Euro - Levels to Watch

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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