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The Weekly Volume Report: Next Volume Surge Key For USD Direction

The Weekly Volume Report: Next Volume Surge Key For USD Direction

2015-03-27 12:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Next Volume Surge Key For USD Direction

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded to its highest level in three weeks this past week
  • Volume has fallen off significantly from the levels seen last week which suggests this strength is likely part of some broader correction
  • A modest rise in daily OBV over the past couple of weeks favors the broader downtrend
  • A close below 1.0760 on above average volume is needed to signal that broader downside forces are beginning to re-assert

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Next Volume Surge Key For USD Direction

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY fell to its lowest level in over a month this past week
  • A weakening volume trend during this recent decline suggests the recent action is only a correction within a broader uptrend
  • However, more aggressive weakness in daily OBV is a cause for concern
  • A close under 118.00 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Next Volume Surge Key For USD Direction

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has traded in a tight consolidation this past week below 1.5000
  • The rise in volume over the past couple of weeks during the consolidation suggest the pair might be basing
  • However, the lack of advance in the daily OBV supports the broader decline
  • A daily close above 1.5000 on above average volume is needed to turn the outlook more positive for the pound

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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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