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US Dollar Trades at Make or Break Levels versus the Euro, Yen

US Dollar Trades at Make or Break Levels versus the Euro, Yen

David Rodriguez, Head of Product

- US Dollar targets highs versus Euro but looks shaky versus the Japanese Yen

- Commodity Bloc currencies show signs of life, but declines may not be over yet

- See more information on DailyFX on the Real Volume and Transactions indicators

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The US Dollar is at a potentially pivotal zone of support versus the Japanese Yen but eyes key resistance against the Euro. 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 Trades at Make or Break Levels versus the Euro, Yen

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

The Euro continues to hold below significant volume-based resistance starting at $1.12, and continued failure leaves our focus to the downside. Near-term support is the psychologically significant $1.10 mark, while a break below targets congestion and volume-based support near $1.09.

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 Trades at Make or Break Levels versus the Euro, Yen

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

The British Pound has bounced sharply off of recent lows and congestion support near $1.54, and further resistance remains at a major volume-based congestion level near $1.5650. Support remains near $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 Trades at Make or Break Levels versus the Euro, Yen

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

The US Dollar has recently failed near notable congestion and volume-based resistance versus the Yen starting at ¥123.50, and continued failure at these levels leaves support near comparable volume levels near ¥121.50.

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 Trades at Make or Break Levels versus the Euro, Yen

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

The Australian Dollar continues to hold just above important multi-year lows near the $0.7400 mark, and indeed it seems as though it is establishing minor volume-based support in this soon. That said overall momentum clearly favors the downside, and we would need to see a move above important congestion starting near $0.7550 and extending through $0.7800 to favor a larger trend reversal.

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 Trades at Make or Break Levels versus the Euro, Yen

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

The Sterling has traded above notable volume-based resistance versus the Japanese Yen near ¥190.50, and attention now turns to recent congestion and price gap at ¥193.50. Support remains at ¥191.50 and eventually ¥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 Trades at Make or Break Levels versus the Euro, Yen

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

The Euro has failed to move convincingly above key volume-based resistance at ¥137, and a continued hold below leaves the psychologically significant ¥135 mark as near-term support. Trading above ¥137 would leave the psychologically significant ¥140 mark as the next logical target.

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 Trades at Make or Break Levels versus the Euro, Yen

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

The US Dollar continues to hold below important volume-based resistance of SFr0.9500 versus the Swiss Franc, and failure leaves near-term support at volume-based congestion near 0.9300. A topside break exposes a volume peak starting at SFr 0.9600.

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 Trades at Make or Break Levels versus the Euro, Yen

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

The US Dollar trades just barely below post-financial crisis highs of C$1.2800 versus the Canadian Dollar, and failure to trade above leaves focus on major volume-based support starting near the $1.2600 mark. A topside break exposes the psychologically significant C$1.3000 mark

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 Trades at Make or Break Levels versus the Euro, Yen

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

The New Zealand Dollar traded below all notable volume-based support levels has also broken July, 2010 lows near $0.6800, but the pair has most recently stopped and reversed just above the $0.6600 mark. Former support now becomes resistance at $0.6800, and to the downside we see the May, 2010 trough of $0.6550 as the next key price floor.

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

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