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The Weekly Volume Report: Euro Rises But Volume Diminishes

The Weekly Volume Report: Euro Rises But Volume Diminishes

2015-05-15 14:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Euro rises but volume diminishes
  • New highs for the year in Cable

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

Daily Volume Chart: EUR/USD

The Weekly Volume Report: Euro Rises But Volume Diminishes

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded to its highest level in almost three months this past week
  • FXCM volume dropped noticeably during this advance which suggests the recovery is waning
  • A divergence in daily OBV is also a potential negative
  • A close under 1.1135 on above average volume is needed to turn the outlook negative on the euro

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Euro Rises But Volume Diminishes

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
  • Minor divergences in daily OBV are a potential 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: Euro Rises But Volume Diminishes

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD recorded a new high for the year this past week
  • The general rise in volume since April is seen as supportive for the pound
  • The move in daily OBV to its highest level in several months is also supportive of the pound
  • A daily close below 1.5500 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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