Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD rallied to test the 50-day moving average this week before stalling out
- Below average volume on the decline since May is a concern and unsupportive of a broader decline
- However, A steady decline in daily OBV to multi-month lows does hint at a possible downside resurgence
- 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 traded at its highest level in almost two months before stalling out
- The lack of volume on the latest push higher is unsupportive of a broader advance
- The modest move higher in daily OBV is also a concern
- A close under 123.00 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 came under some modest pressure over the past week
- Generally rising volume June is supportive of the advance
- New highs in daily OBV is also supportive of the broader uptrend
- A daily close back under 1.2860 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
