Talking Points
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Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD continues to trade in a sideways to lower range
- Well above average volume spikes at recent lows warn of a possible near-term downside capitulation
- The contraction in daily OBV suggests a directional spike is looming
- A close back over 1.1240 on above average volume is needed to turn the outlook positive again on the euro
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY has come under steady pressure over the past few weeks
- However, volume has also declined during this time which suggests the decline is only a correction against the primary trend
- The pickup in daily OBV is a concern
- A close under 120.30 on above average volume would turn us negative on the pair
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD has come under steady pressure these past few weeks
- Daily volume has also declined during this time which is not indicative of a broader downside resumption
- However, the sharp drop in daily OBV is a concern
- A daily close back over 1.5575 on above average volume is needed to turn the outlook positive on the pound again
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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
