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US Dollar Hangs on by a Thread - Next Levels to Watch

US Dollar Hangs on by a Thread - Next Levels to Watch

2015-06-16 14:55:00
David Rodriguez, Head of Product
Share:

- US Dollar hovers near pivotal support versus Euro, Sterling, Canadian Dollar

- Next Dollar move may determine overall direction for rest of month or even longer

- 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 trades at substantial support versus the Euro, Canadian Dollar, and British Pound. Its next move will likely determine direction for the rest of June.

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 Hangs on by a Thread - Next Levels to Watch

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

The Euro continues to consolidate between key price support near $1.12 and similarly significant resistance at $1.14. Risks of a breakout are high given market tensions surrounding Greece as well as the highly-anticipated US Federal Open Market Committee interest rate decision. The next break higher or lower will likely determine Euro direction through the remainder of June and perhaps beyond.

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 Hangs on by a Thread - Next Levels to Watch

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

The British Pound trades just below important volume and price-based resistance near the $1.5650 mark, and a move above would leave year-to-date highs of $1.5800 as the next clear target. Support starts at volume and price congestion near $1.5500.

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 Hangs on by a Thread - Next Levels to Watch

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

The US Dollar continues to fail to challenge multi-decade highs versus Yen, and the failure leaves risks to the downside through near-term trading. Price support remains 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 Hangs on by a Thread - Next Levels to Watch

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

The Australian Dollar continues to hold just below important volume and price-based resistance at the $0.7800 mark, and a failure to close above leaves risks towards a retest of key support in the $0.7600-0.7650 zone. A break above $0.7800 offers little comparable resistance until major spike-highs near $0.8150.

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 Hangs on by a Thread - Next Levels to Watch

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

The Sterling has traded to a potentially significant resistance level versus the Japanese Yen at former spike-lows near ¥193. A break higher leaves little comparable resistance until ¥200, while volume-based support starts at approximately the ¥191.50 mark.

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 Hangs on by a Thread - Next Levels to Watch

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

The Euro has failed to sustain a move to fresh yearly-highs versus the Yen, and the EUR/JPY now trades at noteworthy support versus the Japanese Yen starting at ¥139. A failure to finish above leaves risks towards former resistance 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 Hangs on by a Thread - Next Levels to Watch

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

The US Dollar trades at fairly significant support versus the Swiss Franc at the SFr0.9300 mark, and a failure to stay above this level leaves focus on similar volume-based support near 0.9050. Resistance starts near substantial price and volume-based price ceilings starting at approximately SFr0.9450.

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 Hangs on by a Thread - Next Levels to Watch

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

The US Dollar has recently bounced at fairly important price and volume-based support versus the Canadian Dollar at C$1.22, and resistance remains at substantial congestion levels starting near C$1.2450. Broader momentum suggests USD risks remain 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 Hangs on by a Thread - Next Levels to Watch

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 Hangs on by a Thread - Next Levels to Watch

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

The Australian Dollar has bounced at significant price support versus the Japanese Yen in the ¥95-95.50 range, and a sustained move above leaves little in the way of major resistance until major spike-highs at ¥97 and ¥98.

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 Hangs on by a Thread - Next Levels to Watch

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

The EUR/AUD trades at a substantial volume-based congestion support zone in the A$1.4350-1.4500 range, and a hold above keeps focus on recent spike-highs near A$1.48-1.49. Yet a failure to hold above A$1.4350 opens up risks of a larger decline into the next congestion zone starting near A$1.4150.

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 Hangs on by a Thread - Next Levels to Watch

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

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

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

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

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