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The Weekly Volume Report: Mixed Signals

The Weekly Volume Report: Mixed Signals

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • 2nd highest volume day of the year this week in EUR/USD
  • Decline accelerates in USD/JPY, but volume does not
  • Daily OBV divergence in GBP/USD a concern

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Mixed Signals

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has recovered further over the past week to trade at its highest level in almost a month
  • Daily volume has been in a steady rise since July which bolsters the medium-term downtrend
  • However, Wednesday’s push higher on the 2nd highest volume day of the year is a concern
  • On-Balance-Volume (OBV) levels suggest recent action is only corrective
  • A move under 1.2600 on above average volume is needed signal a downside resumption

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Mixed Signals

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY fell to its lowest level in over a month this past week
  • The lack of volume during the recent decline suggests the move is likely only corrective
  • OBV levels remain supportive of the broader uptrend
  • A close over 107.00 on good volume is needed to signal a possible upside resumption

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Mixed Signals

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to a new low for the year this past week
  • However, unlike in other European currencies pairs volume has not risen materially with the trend
  • A divergence on the daily OBV is also concerning
  • A daily close over 1.6165 on above average volume would shift focus 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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