Talking Points
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Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD rallied sharply this past week on heavy volume
- Such a surge in volume raises concerns that the trend is subsiding
- However, a fairly tepid OBV still supports the broader downtrend
- A close under 1.0500 on above average volume is needed to signal a resumption of the broader trend
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY came under pressure this past week, but held above key support at 119.00
- Volume was only modestly above average on the decline signaling little damage to the trend
- The push higher in OBV is a clear potential positive for the trend
- A close under 119.00 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: USD/CAD
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/CAD traded at a new high for the year this past week before dropping sharply on heavy volume
- The surge in volume on the reversal coupled with general lack of turnover during the advance is concerning
- However, the steady advance in daily OBV supports the broader decline
- A daily close above 1.2550 on above average volume would turn us negative on USD/CAD
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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
