Talking Points
Get real time volume on your charts for free. Click HERE
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD continued higher this week to trade at its highest level in almost two months
- Volume has failed to pick up materially on the latest advance which is a warning sign that the recovery may only be corrective
- The failure in daily OBV to get above last week’s high is also concerning
- However, A close below 1.1000 on above average volume is needed to turn the outlook negative again on the euro
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY fell to its lowest levels in over a month this week
- Volume, however, remains very low and unsupportive of the decline
- The downtick in daily OBV is negative, but a break under the late July low is needed to excite about potential further downside
- A close back over 124.30 on above average volume would turn us positive on the pair
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD broke above the range highs this week to trade at its highest level since early July
- Raw volume has begun to pick up a but is still far from levels of conviction
- The modest move in daily OBV off the recent lows is unsupportive of a broader advance
- A daily close back under 1.5425 on above average volume is needed to turn the outlook negative on the pound
To receive Kristian’s analysis directly via email, please SIGN UP HERE.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX
