Talking Points
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Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD continued its decline over the past week to trade at its lowest level in over a decade
- Volume has begun to pick up markedly on the decline which on the whole supports the trend, but similar spikes were seen around the lows in January
- The persistent decline in daily OBV is clearly supportive of a trend resumption
- A close above 1.0850 on above average volume would shift attention higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY traded at its highest level since 2007 this past week
- The lack of volume exhibited during the advance of the past few week continues to be a cause for concern
- The lack of momentum on in daily OBV is also potential negative for bulls
- A close under 120.00 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD fell to its lowest level in over a year and a half this past week
- Turnover has begun to steadily pick up during the decline which supports the trend
- The steady fall in daily OBV to new cycle lows also supports the broader decline
- A daily close above 1.5130 on above average volume would turn us positive on Cable
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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX
