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US Dollar Fails at Key Support - Next Levels We're Watching

US Dollar Fails at Key Support - Next Levels We're Watching

2015-06-12 14:45:00
David Rodriguez, Head of Product
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- US Dollar fails versus British Pound, Japanese Yen and risks to the downside

- Next Euro move depends on key volume and price-based technical levels

- 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 has failed at important support versus the Japanese Yen and British Pound. Risks remain to the downside, and here are the levels we’re watching.

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 Fails at Key Support - Next Levels We're Watching

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

The Euro trades remains within important volume-based support and resistance within the $1.12-$1.14 zone, and continued consolidation gives us relatively little directional bias. A recent look at retail FX trader sentiment suggests risks remain to the topside, but we would need a meaningful close above $1.14 to confirm a topside break.

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 Fails at Key Support - Next Levels We're Watching

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

The British Pound has traded above important volume-based resistance starting at 1.5150 and reaching through $1.5400. Risks are now tilted in favor of a move towards key resistance near $1.5650, while support is former resistance at $1.54.

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 Fails at Key Support - Next Levels We're Watching

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

The US Dollar has failed to sustain a move above multi-decade highs versus Yen, and the failure leaves risks to the downside through near-term trading. Price support starts at volume-based levels at ¥121.50, while resistance is within the ¥123.50-¥124.50 range.

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 Fails at Key Support - Next Levels We're Watching

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

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 Fails at Key Support - Next Levels We're Watching

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

The Sterling continues to trade near post-financial crisis highs versus the Japanese Yen, and short-term risks remain to the topside. Resistance is at recent spike-highs near ¥192, while volume and price-based support starts near ¥188.

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 Fails at Key Support - Next Levels We're Watching

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

Our Euro currently trades at noteworthy support versus the Japanese Yen starting at ¥139, and a failure to finish above may leave short-term risks to the downside. Further support is a former price ceiling 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 Fails at Key Support - Next Levels We're Watching

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

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 Fails at Key Support - Next Levels We're Watching

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

The US Dollar has failed to move above considerable volume and price-based technical resistance at C$1.2500, and the failure 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 Fails at Key Support - Next Levels We're Watching

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

The New Zealand Dollar has traded below all notable volume-based support levels and currently trades at key 2010 reaction lows near $0.6950. Risks remain to the downside, and we see little in the way of comparable price floors until a July, 2010 reaction low near $0.6800.

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 Fails at Key Support - Next Levels We're Watching

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

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 Fails at Key Support - Next Levels We're Watching

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

The EUR/AUD recently broke above important volume and price-based congestion in the A$1.4350-1.4500 range, and price targets are now previous spike-highs in the A$1.48-1.49 zone. 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 Fails at Key Support - Next Levels We're Watching

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

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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