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The Weekly Volume Report: Kiwi Turnover Surges

The Weekly Volume Report: Kiwi Turnover Surges

2014-09-26 13:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD corrects OBV divergence
  • Volume picture remains supportive for USD/JPY
  • Dramatic rise on Kiwi volume on Thursday

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Kiwi Turnover Surges

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD pierced last year’s low this week to trade at its lowest level since November 2012
  • Daily volume has been in a steady rise since July which bolsters the medium-term downtrend
  • Recent daily volume, however, remains below average and is a potential signal that the trend is in fatigue
  • On-Balance-Volume (OBV) break to new lows supports continuation of trend
  • A move through 1.2895 on higher than normal volume is needed to confirm that a more serious counter-trend move is underway

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Kiwi Turnover Surges

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY is in consolidation mode below key long-term trendline resistance near 109.50
  • A steady rise in volume has accompanied the move higher since July
  • The steady rise in On-Balance-Volume is supportive
  • Price move under 107.35 on above average volume, however, would force a re-think of the broader positve bias

Daily Volume Chart: NZD/USD

The Weekly Volume Report: Kiwi Turnover Surges

Charts Created using Marketscope – Prepared by Kristian Kerr

  • NZD/USD fell to its lowest level in over a year this week
  • Steady volume rise since July is supportive of trend
  • New lows in daily OBV also supportive of trend
  • Dramatic spike in volunme potentially exhaustive
  • A daily close over .8080 on above average volume is needed to shift near-term bias higher

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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

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

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