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US Dollar Breaks Key Support. Here are Levels We're Watching Next

US Dollar Breaks Key Support. Here are Levels We're Watching Next

David Rodriguez, Head of Product

- US Dollar tumbles through key support levels, but here are the levels we’re watching next

- The surge in volatility suggests major support/resistance will continue to be broken

- 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 has tumbled through significant support versus the Euro, Japanese Yen, and other majors. What levels are worth 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 Breaks Key Support. Here are Levels We're Watching Next

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

The Euro surged beyond key resistance as it briefly broke to $1.17 versus the US Dollar, and the relative lack of further major resistance suggests risks remain for further advances. Support now starts at considerable volume-based congestion support near $1.14 and extends through $1.12. Resistance remains recent spike-highs at $1.17.

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 Breaks Key Support. Here are Levels We're Watching Next

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

After many successive attempts the British Pound broke above key resistance in the $1.5650-1.5700 range versus the US Dollar, and risks are now seen to the topside for the suddenly-resurgent pair. Key support is now at former resistance starting at $1.5700, while the next topside target is the recent spike-high near $1.5810.

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 Breaks Key Support. Here are Levels We're Watching Next

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

The US Dollar briefly crashed below key support versus the Japanese Yen, falling below a major congestion zone starting near the ¥119 mark. Yet a similarly sharp reversal sees the pair back above key support, and it’s possible that the US Dollar resumes trading in a broad range versus the Yen. First it will be important to see it cross above key psychological resistance at ¥120, and support remains at ¥119.

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 Breaks Key Support. Here are Levels We're Watching Next

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

The Australian Dollar broke to further lows versus the US Dollar, and the relative lack of major support levels leaves near-term trading risks to the downside. Near-term resistance is a major volume-based congestion level at $0.7400 and previous lows near $0.7250. The next downside target is the recent spike-low at $0.7050.

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 Breaks Key Support. Here are Levels We're Watching Next

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

The British Pound has tumbled through key support versus the Japanese Yen, but its sharp declines stopped at previous spike-lows near ¥185. The pair now trades above key volume-based congestion near ¥186, and as long as it remains above risks seem weighed to the topside. Resistance starts at the psychologically-significant ¥190 level, while a break below ¥186 targets a return towards the spike-low closer to ¥183.

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 Breaks Key Support. Here are Levels We're Watching Next

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

A recent Euro reversal versus the Yen leaves it almost squarely at major volume-based support near ¥137, and risks seem to favor further range-bound trading in the recently slow-moving pair. Major resistance is the recent spike-high near ¥139, but trading below ¥137 would instead make a move towards comparable congestion near ¥135 the next likely 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 Breaks Key Support. Here are Levels We're Watching Next

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

The US Dollar trades comfortably above all major volume-based price resistance versus the Canadian Dollar, and previous resistance now serves as support near C$1.3200. We need to go back to 2004 to see the next potential price target—a previous spike-high near C$1.3400. Trading below near-term support would make the psychologically-significant C$1.3000 mark the next target.

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 Breaks Key Support. Here are Levels We're Watching Next

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

The New Zealand Dollar continues to trade just below major volume-based congestion in $0.6600-$0.6700 zone, and failure here keeps our focus on major lows closer to $0.6500. Recent volatility has proven insufficient to force a sustained break in either direction, but the violence with which the NZD fell through to major lows suggests risks remain to the downside.

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

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