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The Weekly Volume Report: Move Higher In Cable Lacking Volume

The Weekly Volume Report: Move Higher In Cable Lacking Volume

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Volume dissipates in euro rally
  • Cable advanced not generating strong turnover

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

Daily Volume Chart: EUR/USD

The Weekly Volume Report: Move Higher In Cable Lacking Volume

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded at its highest level in over three weeks on Friday
  • Volume has fallen off during the recent rise suggesting this upside action is likely only corrective
  • The lack of momentum in daily OBV also points to a correction rather than a more meaningful reversal
  • 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: Move Higher In Cable Lacking Volume

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY rebounded off range lows earlier this week
  • Below average volume during this consolidation is seen as generally 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: GBP/USD

The Weekly Volume Report: Move Higher In Cable Lacking Volume

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD traded at its highest level in over a month this week
  • However, the move higher has been on well below average volume which suggests it is only a correction against the primary trend
  • The sharp rise in daily OBV is a concern
  • A daily close above 1.5200 on above average volume is needed to turn the outlook more positive for cable

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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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