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The Weekly Volume Report: Broader Trends Resuming?

The Weekly Volume Report: Broader Trends Resuming?

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Broader Trends Resuming?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD came under steady pressure this past week after another failure near 1.1040
  • Volume has been lacking on the decline and calls into question whether the broader trend is indeed trying to resume
  • However, the sharp decline in daily OBV is a clear potential negative
  • A close over 1.1040 on above average volume is needed to turn the outlook more positive on the euro

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Broader Trends Resuming?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY rallied steadily from support around 119.00 over the past week
  • Below average volume on the rise in spot is not supportive of an immediate trend resumption
  • Persistent weakness in daily OBV also remains 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: Broader Trends Resuming?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level in almost 5-years this week
  • The steady rise in volume on the break to new lows support a trend resumption
  • A small divergence in On Balance Volume is a minor concern, but no real threat to the trend as of yet
  • A daily close above 1.4800 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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