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US Dollar Holds Pivotal Support - Here are Levels to Watch Next

US Dollar Holds Pivotal Support - Here are Levels to Watch Next

2015-12-08 15:55:00
David Rodriguez, Head of Product
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- The US Dollar has bounced at critical support versus the Euro and other major FX counterparts

- We see risks of further Dollar strength versus the Canadian Dollar, AUD, and NZD

- 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 held major support versus the Euro, Australian Dollar, and British Pound. Here are the levels we’re 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 Holds Pivotal Support - Here are Levels to Watch Next

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

The Euro has rallied sharply off of major lows and now tests significant volume and price-based congestion resistance in the $1.09-$1.10 zone. A failure at these levels would shift focus to former resistance at $1.08 and eventually major volume levels near $1.06. Yet a break above $1.10 would likely encounter little resistance until the $1.1150-$1.12 range.

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 Holds Pivotal Support - Here are Levels to Watch Next

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

The Australian Dollar has failed at major volume and price-based resistance surrounding the $0.7400 mark, and a continued hold below leaves focus on near-term support near $0.7150 and eventually the psychologically-significant $0.7000 handle. Alternatively, a move above $0.7400 would leave little in the way of a rally towards major congestion in the $0.7600-$0.7800 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.

US Dollar Holds Pivotal Support - Here are Levels to Watch Next

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

The US Dollar has surged past key volume and price-based congestion versus the Canadian Dollar, and there are stands little in the way of a USD/CAD rally towards 11-year highs near C$1.4000. Former resistance now acts as support in the C$1.3350-1.3450 congestion range.

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 Holds Pivotal Support - Here are Levels to Watch Next

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

The New Zealand Dollar has failed to hold recent gains and now targets significant volume and price-based congestion support in the $0.6500-0.6600 range. A further breakdown would shift short-term targets to comparable support near $0.6400, while a reversal higher would instead likely target multi-month highs near $0.6900.

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 Holds Pivotal Support - Here are Levels to Watch Next

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

The British Pound has failed to hold psychologically-significant support at the $1.50 handle, but notable volume-based support closer to $1.49 has thus far held back larger declines. A further breakdown would leave no major price floors until multi-year lows near $1.46, while a move back above $1.5000 would leave recent volume-based congestion in the $1.5150-1.5200 range as the next logical 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.

US Dollar Holds Pivotal Support - Here are Levels to Watch Next

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

The US Dollar has failed to hold above fairly significant volume-based support near ¥123.50 versus the Japanese Yen, and a continued failure to finish above said level leaves short-term focus on major congestion near ¥122. Further breakdown would leave little comparable support until the psychologically-significant ¥120 mark, while a break higher would likely take the USD/JPY towards decade-plus highs near ¥126.

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

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