- US Dollar pulls back sharply, but key support versus Euro and others slows breakdown
- Keep an eye on key price levels in order to gauge likelihood of further EUR breakout
- See more information on DailyFX on the Real Volume and Transactions indicators
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The US Dollar has pulled back sharply across the board, but key volume-based support versus the Euro and other pairs may hold back further breakdowns.
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.
Data source: FXCM Real Directional Volume Indicator, Chart source: R. Prepared by David Rodriguez
The Euro recently bounced off of important volume-based support versus the US Dollar near the $1.0850 mark, and a continued hold above leaves focus on near-term resistance starting at $1.1200.
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.
The British Pound trades near fairly important volume-based support near $1.5150, and a breakdown points to subsequent price floors near $1.4850. A hold above leaves focus on resistance near $1.5400.
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.
The US Dollar has broken substantially above volume-based resistance and trades near decade-plus highs versus the Yen. There is little similar resistance, and 2002 price ceilings near ¥125 mark the next target.
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.
The Australian Dollar has broken below important volume-based support levels near $0.7800 but has thus far held above key levels of interest in the $0.7600-0.7650 zone. $0.78 continues to mark key resistance.
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.
The Sterling currently trades at fresh post-financial crisis highs, and our forex volume data shows near-term support starts at ¥188. There is little in the way of comparable resistance until 9/2008 highs near ¥197.
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.
The Euro has traded above important volume-based resistance versus the Japanese Yen at ¥137, and a further close above ¥139 would leave our bias firmly bullish. Former resistance is support at 137.
USDCHF
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The US Dollar continues to hold below considerable volume-based technical resistance starting at SFr0.9500 versus the Swiss Franc, and indeed a failure to climb above SFr0.9600 leaves risks to the downside.
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.
The US Dollar has traded above considerable volume-based support-turned-resistance versus the Canadian Dollar at C$1.2500, but a failure to close above may keep risks to the downside. Support starts near C$1.22.
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.
The New Zealand Dollar has traded below all notable volume-based support levels and broken to fresh lows below $0.7170. Risks remain to the downside as there is so significant support seen until $0.7000.
AUDJPY
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The AUD/JPY trades above volume-based technical levels in the ¥93.50-95.50 range, and a sustained move above leaves little in the way of major resistance. Subsequent price targets start at May highs near ¥97.
EURAUD
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The EUR/AUD trades below key volume-based resistance in the A$1.4350-1.4500 range, and a hold below leaves focus on support near A$1.4100. There is little comparable resistance on a break above A$1.45.
EURGBP
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Euro/Sterling has traded above meaningful price/volume congestion starting near £0.7200, but it would take a close above 0.7400 to meaningfully change our bearish trading bias. Support remains near 0.70.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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