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US Dollar at Key Support versus Euro, but Watch Levels on Yen Pairs

US Dollar at Key Support versus Euro, but Watch Levels on Yen Pairs

2015-06-09 14:45:00
David Rodriguez, Head of Product
Share:

- US Dollar trades at key volume-based support versus the Euro, here are the levels to watch

- Japanese Yen breakdown offers compelling price continuation patterns

- 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 continues to hang onto key support versus the Euro and risks are to the Euro upside, but the most compelling levels may be seen in JPY pairs.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

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

The Euro trades at important volume-based congestion in the $1.12-1.14 range, and it may stick to these tight upper and lower limits until we get a more forceful move from the US Dollar. A sustained break above $1.14 leaves little in the way of comparable resistance, while the $1.07-$1.0850 zone marks support.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The British Pound trades in a large range of volume-based congestion support, starting at 1.5150 and reaching through $1.5400. Risks seem weighed to the downside, and a breakdown targets $1.4850.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The US Dollar has broken substantially above volume-based resistance and trades near decade-plus highs versus the Yen. There is little similar resistance, and recent spike-highs near ¥125.80 mark near-term targets.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The Australian Dollar continues to hold above key levels of interest in the $0.7600-0.7650 zone. $0.78 continues to mark key resistance, while key multi-year lows near $0.7550 remain support.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The Sterling has traded to fresh post-financial crisis highs and has pulled back into congestion support near ¥188. Resistance is at recent spike-highs near ¥192, while further support starts near ¥186.50.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The Euro has traded above important volume-based resistance at ¥139 and our trading bias remains bullish. We see little in the way of comparable resistance until ¥147, while the former ceiling is support at ¥137.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The US Dollar has failed at considerable volume-based technical resistance starting at SFr0.9500 versus the Swiss Franc and now trades at comparable support near 0.9300. 0.9050 is the next downside target.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The US Dollar briefly traded above key volume-based support-turned-resistance versus the Canadian Dollar at C$1.2500, but a failure to close above leaves near-term targets at support near C$1.22.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The New Zealand Dollar has traded below all notable volume-based support levels and broken to fresh lows below $0.7170. Risks remain to the downside as there is so significant support seen until $0.7000.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The AUD/JPY trades at noteworthy volume-based congestion levels in the ¥95-95.50 range, and a sustained move above leaves little in the way of major resistance. Support is seen at price congestion near ¥94.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The EUR/AUD trades above major volume-based resistance in the A$1.4350-1.4500 range, and price targets are now previous spike-highs in the A$1.48-1.49 range. Former resistance turns into support at A$1.4500.

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 at Key Support versus Euro, but Watch Levels on Yen Pairs

The Euro/Sterling trades within volume-based congestion in the £0.7200-0.7400 range, and a continued failure to close above keeps our focus on support near £0.70.

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

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