Talking Points
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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
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
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
