The Weekly Volume Report: Dollar Trying To Turn?

Talking Points

• EUR/USD moves up on high volume
• USD/CAD sees dramatic increase in turnover

Get real time volume on your charts for free. Click HERE

Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

• EUR/USD has traded steadily higher over the past few days
• Volume has been well above average during this rise and raises concerns that a more material correction higher is developing
• The sharp rise in daily OBV is also a concern
• 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

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/JPY has fallen steadily after failing near 121.00 earlier in the week
• Below average volume during the decline is supportive
• Persistent weakness in daily OBV does 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: USD/CAD

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/CAD fell sharply this past week to trade at its lowest level in almost three months
• The move lower was accompanied by strong volume and warns a broader liquidation phase is underway
• Daily OBV has also begun to pick up downside momentum
• A daily close above 1.2450 on above average volume is needed to turn the outlook more positive for Funds

To receive Kristian’s analysis directly via email, please SIGN UP HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX