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The Weekly Volume Report: FOMC Sparks Volume Surge

The Weekly Volume Report: FOMC Sparks Volume Surge

Kristian Kerr, Sr. Currency Strategist

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Talking Points

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Daily Volume Chart: EUR/USD

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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