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The Weekly Volume Report: Trends To Resume?

The Weekly Volume Report: Trends To Resume?

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 remains in consolidation mode below 1.1500
  • Declining volume during the recent rise suggests the advance is likely only corrective
  • A lack of momentum in daily OBV also favors an eventual downside resolution
  • A close above 1.1535 on above average volume will turn attention higher

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under steady downside pressure over the past week
  • The lack of volume during the recent push higher raises concerns that consolidation is not yet finished
  • The persistent decline in daily OBV over past few weeks is also 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 traded at its highest level in almost two months earlier this week
  • The lack of volume during the recent advance does suggest the recovery is likely only corrective
  • A weakening daily OBV also suggests recent action is only corrective
  • 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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