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US Dollar Offers Range Trades at these Support and Resistance Levels

US Dollar Offers Range Trades at these Support and Resistance Levels

2015-09-29 14:05:00
David Rodriguez, Head of Product
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- US Dollar remains in a tight trading range against most major counterparts

- A major breakout remains unlikely – buying low and selling high remains our favored strategy

- 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 offer range trading opportunities against nearly all major currencies. 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 Offers Range Trades at these Support and Resistance Levels

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

The Euro remains stuck in a choppy range versus the US Dollar, and current market conditions suggest key near-term support and resistance lines are likely to contain price action. Important volume and price-based support ends near $1.11, while a significant spike in trader activity surrounding $1.12 keeps it in focus. To the topside we see notable congestion levels at $1.13 and eventually $1.1450 as resistance.

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 Offers Range Trades at these Support and Resistance Levels

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

The US Dollar continues to test but remain above critical support at the ¥119 mark, and recent market dynamics suggest that a breakdown could coincide with similarly significant S&P 500 volatility. With the exception of a panic-driven USD/JPY breakdown through late August, however, the pair has not made a weekly close below. Near-term resistance is the recent range high near ¥121, and the pair remains likely to stick to choppy consolidation absent a significant flare-up in financial market tensions.

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 Offers Range Trades at these Support and Resistance Levels

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

The British Pound trades at multi-month lows, and the lack of significant volume and price-based support below the $1.5150 mark warns that further losses remain likely. The next near-term target is the psychologically significant $1.50 mark, while notable volume-based support is seen closer to the $1.49 level.

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 Offers Range Trades at these Support and Resistance Levels

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

The Australian Dollar remains stuck in a choppy range versus the US Dollar, and current market conditions suggest it will continue to hold near-term support at $0.6950. A notable volume spike near $0.7100 offers near-term resistance, while a break above would target a return to range highs closer to $0.7250.

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 Offers Range Trades at these Support and Resistance Levels

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

The US Dollar has broken the top of its trading range versus the Canadian Dollar, and the lack of meaningful resistance until major reaction highs near C$1.3800 warns that risks remain to the topside. Support is now former resistance at the top of a major USD/CAD volume-based congestion range at C$1.3250.

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 Offers Range Trades at these Support and Resistance Levels

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

The New Zealand Dollar remains narrowly above key volume and price-based support in the $0.6300-0.6350 range, and a continued hold above leaves short-term focus on range highs in the $0.6400-0.6450 zone. Buying towards the lows and selling near the highs remains our preferred strategy given a recent slowdown in FX market volatility.

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

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