Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD fell to its lowest level since late May this past week
- However, below average volume on the decline is concern and unsupportive of a broader decline
- The contraction in daily OBV suggests a volume spike is looming
- A close back over 1.1215 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 moved steadily higher this past week to trade at its highest level in three weeks
- However, low volume on the move higher is unsupportive of a broader advance
- The modest move higher in daily OBV is also a concern
- A close under 122.00 on above average volume would turn us negative on the pair
Daily Volume Chart: USD/CAD
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/CAD broke above the March high to trade at its highest level in more than six years
- Well above average on the break to new highs is supportive of the advance
- New highs in daily OBV is also supportive of the broader uptrend
- A daily close back under 1.2725 on above average volume is needed to turn the outlook negative on USD/CAD
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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
