Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD continues to trade in a choppy sideways to higher range
- Below average volume during the advance of the past few weeks suggests the exchange rate is vulnerable to a broader trend resumption
- However, the lack of divergence on daily OBV remains a potential positive
- A close under 1.1065 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 consolidated above 122.50 this past week
- Low volume during the recent move lower is supportive of the broader trend
- Daily OBV needs to be watched closely on the next advance
- A close under 121.40 on above average volume is needed to turn the picture negative
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD traded to its highest level in 7-months this past week
- Volume has been in general decline since mid-May
- Above average volume during the move higher this week is a potential positive
- A daily close below 1.5640 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