Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD continues to trade in a choppy sideways to higher range
- Below average volume this week is a sign that the correction is nearing an end
- However, the lack of divergence on daily OBV is supportive
- A close under 1.0865 on above average volume is needed to turn the outlook negative on the euro
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY came under aggressive downside pressure this week
- Volume was generally low during the move lower which is supportive of the broader trend
- Daily OBV needs to be watched closely on the next advance
- A close under 121.40 on above average volume is needed to turn the picture negative
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD moved steadily higher this past week after finding support near 1.5200
- The general decline in volume since mid-may is unsupportive of a primary trend resumption at this stage
- Above average volume during the move higher this week is a potential positive
- A daily close below 1.5100 on above average volume is needed to turn the outlook negative on the pound
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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
