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US Dollar Surges off of Support - Here are the Next Key Levels

US Dollar Surges off of Support - Here are the Next Key Levels

David Rodriguez, Head of Product

- US Dollar rallies sharply off of key support versus the Euro, Japanese Yen

- We’re watching key levels of resistance that may cap further Dollar gains

- 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 bounced at important support versus the Euro and Japanese Yen. Here are the important 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 Surges off of Support - Here are the Next Key Levels

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

The Euro has failed at significant resistance starting near $1.14 and has broken through important support near $1.12. Support now turns to resistance at $1.12, while further price targets include monthly lows near $1.1050.

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 Surges off of Support - Here are the Next Key Levels

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

The British Pound recently traded above significant resistance at the $1.5650 mark, and resistance now turns to support while year-to-date highs just above $1.5900 represent the next upside target.

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 Surges off of Support - Here are the Next Key Levels

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

The US Dollar is currently trading at potentially important volume-based resistance versus the Yen in the ¥123.50-¥124.50 range, but a failure here leaves focus on recent lows near ¥122.60 and further volume-based support at ¥121.50. Trading above ¥124.50 leaves decade-plus highs of ¥125.85 as the next target.

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 Surges off of Support - Here are the Next Key Levels

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 Surges off of Support - Here are the Next Key Levels

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

The Sterling has traded well-above all levels of available volume-based resistance—now support—at ¥193. Subsequent price targets start near the psychologically significant ¥200 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 Surges off of Support - Here are the Next Key Levels

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 Surges off of Support - Here are the Next Key Levels

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

The US Dollar has bounced at fairly significant support versus the Swiss Franc at the SFr0.9300 mark, but 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 Surges off of Support - Here are the Next Key Levels

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

The US Dollar continues to trade below substantial congestion levels versus the Canadian Dollar starting at $1.2450, and staying below said level leaves focus on support at multi-month lows near C$1.2130.

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 Surges off of Support - Here are the Next Key Levels

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 has broken to fresh multi-year lows. 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 Surges off of Support - Here are the Next Key Levels

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, but the lack of topside follow-through keeps the pair stuck in consolidation. A breakdown sees little in the way of comparable support until ¥93, while topside targets include recent spike-highs near ¥97.

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 Surges off of Support - Here are the Next Key Levels

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

The EUR/AUD trades just above 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 Surges off of Support - Here are the Next Key Levels

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

The Euro/Sterling trades has failed at important volume-based support near £0.7200, and the downside failure leaves 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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