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The Weekly Volume Report: Low Volume Euro Consolidation A Negative

The Weekly Volume Report: Low Volume Euro Consolidation A Negative

2014-11-14 15:15:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD low volume consolidation a negative
  • USD/JPY volume diminishing on recent push higher
  • GBP/USD OBV leads the way lower

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Low Volume Euro Consolidation A Negative

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has been in consolidation mode for the past week
  • Below average daily volume levels over the past few days points to an eventual downside resumption
  • On-Balance-Volume (OBV) is also supportive of the 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: Low Volume Euro Consolidation A Negative

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY broke above 116.00 to trade at its highest level in over 7-years
  • Below average daily volume over the past few days is a sign that the trend is nearing fatigue
  • However, new highs in OBV continues to support the trend
  • A close under 114.65 on above average volume would turn us negative on USD/JPY

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Low Volume Euro Consolidation A Negative

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD closed at a new low for 2014 on Thursday
  • Daily volume figures have been mixed on the move lower though a solid increase in turnover on the initial break lower on Wednesday is seen as supportive of the trend
  • Accompanying new lows in OBV is also supportive
  • A daily close back over 1.5800 on above average volume would turn us positive on Cable

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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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