Talking Points
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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