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Price & Time: Lack Of Volume Favors The Dollar

Price & Time: Lack Of Volume Favors The Dollar

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD recovers on weak volume
  • USD/JPY consolidation sees diminishing turnover

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Daily Volume Chart: EUR/USD

Price & Time: Lack Of Volume Favors The Dollar

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has rallied steadily from the 11-year low recorded late last month
  • Declining volume during the recent rise suggests the advance is likely only corrective
  • A modest push higher in daily OBV levels also favors an eventual downside resumption
  • A close above 1.1525 on above average volume will keep focus higher

Daily Volume Chart: USD/JPY

Price & Time: Lack Of Volume Favors The Dollar

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: GBP/USD

Price & Time: Lack Of Volume Favors The Dollar

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD rally from the cycle low late last month has begun to pick up pace
  • The lack of volume during the recent advance does suggest the move is likely only corrective
  • The modest move higher in OBV also favors an eventual downside resumption
  • A daily close above 1.5500 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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