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 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
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
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
