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US Dollar Stands at Pivotal Price Levels on Big Week for FX Markets

US Dollar Stands at Pivotal Price Levels on Big Week for FX Markets

2015-09-01 14:55:00
David Rodriguez, Head of Product
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- Euro trades at significant support as the US Dollar presses to highs, EUR risks to downside

- High forex volatility prices warn that major price levels are likely to be broken

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

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The Euro trades at pivotal support versus the US Dollar, while the USD challenges key resistance across the board. A big week for FX markets suggests major breakouts are likely.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The Euro trades within key price ranges versus the US Dollar as it holds above major volume-based congestion support at $1.12 and below similar resistance near $1.14. Elevated forex market volatility prices suggest that an important price breakout is likely in the days ahead, and the fact that the US Dollar continues to hold key support across the board suggests EUR/USD risks are to the downside. A break below $1.12 targets a return towards the psychologically significant $1.10 level, while a move above $1.14 opens up a return towards recent highs near $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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The British Pound has broken major volume-based support versus the US Dollar, and current price momentum favors a move towards further spike-lows and volume-based congestion near $1.52. Failure to hold above would leave little in the way of a move towards the psychologically-significant $1.50 mark, while resistance is now recent price congestion closer to $1.55.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The US Dollar trades at fairly significant volume-based support versus the Japanese Yen near the ¥119 mark, and a failure to hold above leaves the pair vulnerable to a test of recent spike-lows near ¥116. High forex volatility prices suggest a break is possible; topside resistance is seen at the recent reaction high near ¥121.60.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The Australian Dollar continues to break to fresh lows versus the US Dollar, and short-term focus is now squarely on the psychologically significant $0.7000 mark. Failure to hold above leaves the pair vulnerable and subsequent targets can be seen at reaction lows of $0.6800 from March, 2009. Near-term resistance starts at a notable volume spike near $0.7150.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The British Pound continues to break key volume-based support levels versus the Japanese Yen, and it now trades above key price and volume congestion around ¥182. Further breakdown would leave little in the way of a test of similar levels near ¥180, while near-term resistance is former support starting at ¥185.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The Euro trades at fairly significant price-based congestion support at ¥135 versus the Yen, and further breakdown opens up a move towards multi-month lows of ¥133. Recent support is now resistance at ¥136, and risks seem weighed to the downside as the Yen rallies across the board.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The US Dollar currently trades at important volume-based congestion levels in the C$1.30-1.3200 range against the Canadian Dollar, and a hold above leaves our focus on further near-term gains. Major resistance starts at recent spike-highs above C$1.33, while support remains at the bottom of the congestion zone at C$1.3000.

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 Stands at Pivotal Price Levels on Big Week for FX Markets

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

The New Zealand Dollar continues to break all meaningful volume and price-based support levels versus the US Dollar, and short-term targets remain at recent panic-lows at the $0.6200 mark. Major resistance isn’t seen until former support at the $0.6500 as risks remain to the downside for the NZD.

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

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