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The Weekly Volume Report: Cable Divergence

The Weekly Volume Report: Cable Divergence

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Cable Divergence

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 month suggests the exchange rate remains 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

The Weekly Volume Report: Cable Divergence

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY continues to consolidate above 122.45
  • A notable drop in turnover during the recent move lower is supportive of the broader trend
  • An underperforming daily OBV line is a potential negative
  • A close under 121.40 on above average volume is needed to turn the picture negative

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Cable Divergence

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has come under modest pressure these past few days after recording a multi-minth high last week
  • The general decline in volume since mid-May is unsupportive of a primary trend resumption at this stage
  • A divergence in the daily OBV is also a potential negative
  • 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

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

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