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The Weekly Volume Report: Low Turnover Favors Correction

The Weekly Volume Report: Low Turnover Favors Correction

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has rallied modestly off an 11-year low over the past few days
  • Volume on the rise over the past few days has been low suggesting the advance is only corrective
  • Daily OBV levels also suggest the recent advance is only corrective
  • A close above 1.1450 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 action since then is likely only corrective
  • However, the persistent decline in daily OBV over past few weeks is a warning sign that a deeper decline may be unfolding
  • A close under 116.35 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: AUD/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD fell to its lowest level in over 5-years this past week
  • The lack of volume on recent on the latest decline raises questions about the strength of the downtrend
  • However, new lows in daily OBV is supportive of the decline
  • A daily close above .8000 on above average volume would turn us positive on the Aussie

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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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