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We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

2015-09-15 14:35:00
David Rodriguez, Head of Product
Share:

- Euro trades near pivotal price support – all eyes on critical US Federal Reserve decision

- Keep an eye on the US Dollar versus the Yen in particular as next move may prove pivotal

- 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 trades at pivotal levels versus the Euro and Japanese Yen. All eyes shift to the critical Fed decision ahead as we focus on these key price 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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The Euro trades above key price and volume-based congestion levels at $1.12, and a hold above said level leaves near-term focus on a comparable price ceiling near $1.14. Extraordinarily choppy market conditions have nonetheless made it difficult to sustain a meaningful trading bias. We’ll watch for any major breakouts in either direction given the near-guarantee of major FX market moves in the days ahead.

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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The British Pound trades at notable price-and volume-based congestion at the $1.54 mark versus the US Dollar, and its next move will likely determine near-term trends in the range-bound currency pair. Subsequent support is seen closer to recent spike lows of $1.5200, while a break above $1.54 leaves major volume-based congestion near $1.56 as the next key 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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The US Dollar continues to hold substantial volume-based support versus the Japanese Yen near the ¥119 mark, and indeed traders seem content to keep it in a narrow trading range ahead of the highly-anticipated US Federal Reserve interest rate decision on September 17. Near-term resistance remains the recent reaction high of ¥121.60. A break above sees little in the way of substantial resistance until considerable volume-based congestion near ¥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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The Australian Dollar has broken convincingly above psychologically-significant resistance of $0.7000 versus the US Dollar and congestion near $0.7150. Near-term targets are now seen at price and volume-based congestion starting at $0.7250 and extend through $0.7450. Recent momentum favors continued near-term gains, but traders should keep a close eye on key event risk in the upcoming US Federal Reserve interest rate decision as US Dollar volatility is virtually guaranteed.

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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The Euro has traded back above significant volume and price-based congestion near ¥135 versus the Yen, and a continued hold above shifts focus to recent spike-highs near ¥137 and key volume-based congestion starting at ¥138. Choppy market conditions make it difficult to establish any real conviction, and we’ll wait for a meaningful break in either direction as the pair sticks to a wide trading range.

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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The US Dollar continues to consolidate within a notable volume-based congestion range of C$1.30-1.3300 against the Canadian Dollar, and slowed price gains warn that overall price momentum could reverse. The psychologically-significant C$1.3000 marks important support, and a break below would see little comparable volume support until C$1.2750.

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.

We Keep an Eye on these Critical Price Levels Ahead of Fed Decision

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

The New Zealand Dollar trades at notable price and volume-based congestion in the $0.6300-0.6400 range versus the US Dollar, and all eyes turn to the critical US Federal Reserve interest rate decision to determine near-term direction in the NZD and other USD-denominated pairs. A break higher would shift focus to significant volume-based resistance starting at $0.6500 which extends through $0.6650, while further breakdown would make recent spike-lows of $0.6250 the next logical target.

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

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