Talking Points
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Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD came under fairly steady pressure over the past week
- Above average volume suggests a more material decline could be underway
- However, daily OBV remains unsupportive of recent weakness
- A move under 1.1080 on above average volume will turn us negative on the exchange rate
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY remains in a sideways to lower range
- Average volume during the recent consolidation is sheds little light on future directional path
- Sideways action in the daily OBV is also unhelpful
- 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 came under steady pressure over the past week
- Volume has been fairly average which gives little insight into the strength of the decline
- However, daily OBV has fallen again to new multi-year lows which is supportive of a more important decline
- A daily close over 1.5480 on above average volume is needed to turn us positive again 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
