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The Weekly Volume Report: Sterling Declines on Weak Volume

The Weekly Volume Report: Sterling Declines on Weak Volume

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Sterling Declines on Weak Volume

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continues to trade in a choppy sideways to higher range
  • The increase in volume during the recent advance needs to be monitored closely as it suggests the recent recovery could have more room to run
  • The lack of divergence on daily OBV is also a potential positive
  • A close under 1.0865 on above average volume is needed to turn the outlook negative on the euro

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Sterling Declines on Weak Volume

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded at a new 12-year high this past week
  • Volume has risen steadily over the past couple of weeks which further supports the advance
  • A push in daily OBV to multi-month highs is also supportive
  • A close under 123.00 on above averag volume is needed to turn the picture negative

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Sterling Declines on Weak Volume

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has come under fairly steady pressure since mid-May
  • However, volume has fallen dramatically during this time which is unsupportive of a primary down trend resumption
  • A modest move in daily OBV also highlights the lack of conviction in the decline thus far
  • 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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