The Weekly Volume Report: Low Volume Declines Continue

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