Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD traded at its highest level in over two-months this past week
- FXCM volume rose to its highest level in years over the last couple of days which is supportive of the advance
- Daily OBV touched its highest level since early January
- A close under 1.0860 on above average volume is needed to turn the outlook negative on the euro
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY touched its lowest level in over a month before rebounding sharply this week
- The uptick in volume over the past few days is positive
- A divergence in daily OBV is also potsntially positive for the exchange rate
- 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 to its lowest level in three months this past week
- The general rise in volume during this decline is supportive of the downtrend
- The sharp decline in daily OBV is also supportive
- A daily close above 1.2300 on above average volume is needed to turn the outlook more positive for funds
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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
