Talking Points
- Cable rallies on strong turnover
- USD/JPY OBV breaks to new multi-month highs
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD moved steadily higher over the past week
- Below average volume on the advance raises questions about the underlying strength of the move
- However, the strong push higher in daily OBV is constructive
- A close above 1.1350 on above average volume would turn us positive on the rate
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY moved generally higher over the past week
- Slight above average daily volume during the rise supportive
- The move in daily OBV to multi-month highs is also a positive
- A close back over 121.65 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 moved sharply higher this past week
- Volume has been generally above average which is supportive of the rise
- However, the persistent weakness in daily OBV requires caution
- A daily close over 1.5580 on above average volume would turn us positive 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
