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The Weekly Volume Report: Volume Still Lackluster

The Weekly Volume Report: Volume Still Lackluster

Kristian Kerr, Sr. Currency Strategist

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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
  • Generally below average volume this past week is unsupportive of the rise
  • However, the push to multi-month highs in daily OBV is a clear positive
  • It would take a move under 1.1080 on above average volume to 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 shedding little light on the future directional path of the exchange rate
  • Sideways action in the daily OBV also highlights the lack of conviction amongst traders
  • 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 rebounded sharply this past week
  • Volume was above average for the most part and supports the rise
  • Daily OBV still remains a concern as it remains around multi-month lows
  • 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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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