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The Weekly Volume Report: Low Volume Declines Continue

The Weekly Volume Report: Low Volume Declines Continue

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Multi-year lows in the euro, but volume still lacking
  • USD/JPY consolidation occurring on low turnover

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD fell to its lowest level in 9-years this week
  • Declining volume since mid-October suggests the downtrend is tiring
  • New lows in daily OBV supports recent decline
  • A close above 1.2000 on above average volume will focus higher

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in consolidation mode below 122.00
  • Decline in volume since early December suggests recent action is only corrective
  • Lack of downside momentum in daily OBV also suggests recent action is corrective
  • A close under 118.00 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: GBP/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level since July of 2013 this past week
  • Declining volume over past few months suggest downtrend might be near fatigue
  • However, new lows in daily OBV is supportive of the decline in the near-term
  • A daily close over 1.5200 on above average volume would turn us positive 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

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

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