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The Weekly Volume Report: Volume Rise Continues

The Weekly Volume Report: Volume Rise Continues

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Euro rise continues on strong volume
  • GBP/USD volume touches highest level in seven months

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Volume Rise Continues

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

The Weekly Volume Report: Volume Rise Continues

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

The Weekly Volume Report: Volume Rise Continues

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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