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The Weekly Volume Report: Aussie Capitulation?

The Weekly Volume Report: Aussie Capitulation?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • High volume reversals in AUD/USD near .7200
  • USD/CAD corrects on low turnover

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 moved steadily higher this week to trade at its highest level in almost a month
  • Above average volume on the advance warns that a more important correction could be developing
  • A sharp rise in daily OBV is also potentially positive
  • A close back under 1.1040 on above average volume is needed to turn the outlook negative again on the euro

Daily Volume Chart: AUD/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD fell to a new multi-year low this week
  • Well above average volume on the recent reversal around .7200 warn of potential capitulation
  • However, the lack of divergence in daily OBV is supportive of the downtrend
  • A close above .7440 on above average volume would help confirm a reversal

Daily Volume Chart: USD/CAD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD pulled back from multi-year highs this week
  • The week volume decline supports the broader uptrend
  • A strongly trending daily OBV line also favors an eventual upside resolution
  • A daily close below 1.2925 on above average volume would turn us negative on funds

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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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