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The Weekly Volume Report - Turnover Supports the Trend in USD

The Weekly Volume Report - Turnover Supports the Trend in USD

2014-11-07 16:10:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD Spot joins OBV at new lows for the year
  • USD/JPY turnover pick up on recent breaks
  • USD/CHF closes at a new high for 2014

Get real time volume on your charts for free. Click HERE

Daily Volume Chart: EUR/USD

The Weekly Volume Report - Turnover Supports the Trend in USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD broke under the 78.6% retracement of the 2012-2014 advance this week to trade at a new low for 2014
  • Above average volume over the past week or so is supportive of the broader downtrend
  • A new yearly low in On-Balance-Volume (OBV) is also supportive of a broader downside resumption
  • A move over 1.2575 on above average volume is required to shift attention higher

Daily Volume Chart: USD/JPY

The Weekly Volume Report - Turnover Supports the Trend in USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY broke through several long-term retracements over the past week to trade as high as 115.58
  • Increase in daily turnover over the past week is supportive of the uptrend and suggests healthy accumulation
  • New highs in OBV (which led spot) further supports the trend
  • A close under 113.40 on above average volume would turn us negative on USD/JPY

Daily Volume Chart: USD/CHF

The Weekly Volume Report - Turnover Supports the Trend in USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CHF closed at a new high for 2014 on Thursday
  • A rise in daily volume over the past few days is supportive of the break higher and suggests broad accumulation
  • Accompanying highs in OBV is also quite positive
  • A daily close under .9580 on above average turnover would turn us negative on USD/CHF

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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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