Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD traded at a new two-month high this past week
- FXCM volume continues to rise which is supportive of the advance
- Daily OBV touched its highest level since early January which is also supportive
- A close under 1.1070 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 remains in a narrow sideways to lower range
- Volume remains below average giving little clarity, but it probably supports an eventual upside resolution
- A minor divergence in daily OBV is 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: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD traded at its highest level since late February this past week
- The sharp rise in volume is now seen as supportive for the pound
- A potential divergence in daily OBV is a minor concern
- A daily close below 1.5100 on above average volume is needed to turn the outlook negative on 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
