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US Dollar Surges, but Watch these Key Levels in Euro, GBP, Yen

US Dollar Surges, but Watch these Key Levels in Euro, GBP, Yen

David Rodriguez, Head of Product

- US Dollar surges across the board, sees little major resistance versus CAD, NZD

- Watch these key levels in the Euro and Sterling for cues on the next moves

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

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

The US Dollar continues to surge versus the CAD, AUD, and NZD. We think further USD gains are likely, but it is critical to watch the Euro, GBP, and JPY at these levels.

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, but Watch these Key Levels in Euro, GBP, Yen

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

The Euro continues to hit fresh lows against the US Dollar and now trades just above key volume-based support near the May low at the $1.08 mark. A move below would target similar volume and price congestion levels nearer to $1.0650, while previous support at $1.10 acts as near-term resistance.

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, but Watch these Key Levels in Euro, GBP, Yen

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

The British Pound has stopped and reversed at major volume-based resistance levels at $1.5650, and a continued hold below shifts focus towards support near $1.54. A break above $1.5650 would leave little in the way of resistance until the year-to-date high above $1.59, but risks seem weighed to the downside as it fails at a key price ceiling.

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, but Watch these Key Levels in Euro, GBP, Yen

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

The US Dollar has traded above major volume-based congestion levels near ¥123.50 against the Yen, and a hold above shifts focus to major highs at the ¥125.50 mark. The top of the congestion range now acts as support at ¥123.50.

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 Surges, but Watch these Key Levels in Euro, GBP, Yen

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

The Australian Dollar has broken below major lows at the $0.7400 mark, and focus now shifts towards major congestion levels from 2008 surrounding $0.7250. Former support turns resistance at $0.7400, while a move above leaves little notable volume resistance until $0.7550.

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, but Watch these Key Levels in Euro, GBP, Yen

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

The Sterling has made a substantial reversal versus the Yen and now nears important volume-based price resistance starting at ¥194.50 which extends to major highs at ¥195.50. There is no comparable support until ¥191.50, however.

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, but Watch these Key Levels in Euro, GBP, 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 instead it now trades below the ¥135 mark. We can see notable volume congestion at ¥134, but a break below leaves little in the way of a move towards the psychologically significant ¥130 level.

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, but Watch these Key Levels in Euro, GBP, Yen

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

The US Dollar has traded above important volume-based resistance of SFr0.9500 versus the Swiss Franc, and the USD/CHF now targets a significant volume peak starting at SFr0.9650. Former resistance now turns into support at 0.95.

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, but Watch these Key Levels in Euro, GBP, Yen

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

The US Dollar has surged above post-financial-crisis highs versus the Canadian Dollar, and there is no notable volume-based price level to act as near-term resistance as the USD/CAD trades just short of 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 Surges, but Watch these Key Levels in Euro, GBP, Yen

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

The New Zealand Dollar has crashed below all notable volume-based support levels and also 2010 lows near $0.6800. There is little foreseeable support until the July, 2009 low at $0.6200 as momentum clearly favors further declines. Near-term resistance starts at former support at $0.6700.

--- 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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