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The Weekly Volume Report: What Does OBV Know?

The Weekly Volume Report: What Does OBV Know?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/JPY trades at near two month high
  • Cable daily OBV declines sharply

Get real time volume on your charts for free. Click HERE

Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD came under steady downside pressure over the past week
  • Below average volume on the move lower remains a concern and is unsupportive of a broader decline
  • However, the downside persistence in daily OBV does hint at a further decline
  • A close back over 1.1100 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 this week
  • However, low volume on the move higher is unsupportive of a broader advance
  • The lack of momentum 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: GBP/USD

Please add a description for the image.

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD remains in consolidation mode below 1.5700
  • Well above average volume over the past few days signals a directional move is looming
  • A strongly trending daily OBV line warns of an eventual downside resolution
  • A daily close back over 1.5700 on above average volume would turn us positive 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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