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The Weekly Volume Report: Euro Volume Spike A Negative?

The Weekly Volume Report: Euro Volume Spike A Negative?

2015-03-13 14:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD volume begins to pick up
  • USD/JPY continues to move higher on little turnover

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Euro Volume Spike A Negative?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continued its decline over the past week to trade at its lowest level in over a decade
  • Volume has begun to pick up markedly on the decline which on the whole supports the trend, but similar spikes were seen around the lows in January
  • The persistent decline in daily OBV is clearly supportive of a trend resumption
  • A close above 1.0850 on above average volume would shift attention higher

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Euro Volume Spike A Negative?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded at its highest level since 2007 this past week
  • The lack of volume exhibited during the advance of the past few week continues to be a cause for concern
  • The lack of momentum on in daily OBV is also potential negative for bulls
  • A close under 120.00 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Euro Volume Spike A Negative?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level in over a year and a half this past week
  • Turnover has begun to steadily pick up during the decline which supports the trend
  • The steady fall in daily OBV to new cycle lows also supports the broader decline
  • A daily close above 1.5130 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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