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The Weekly Volume Report: Big Spot Moves But Volume Unimpressive

The Weekly Volume Report: Big Spot Moves But Volume Unimpressive

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continued higher this week to trade at its highest level in almost two months
  • Volume has failed to pick up materially on the latest advance which is a warning sign that the recovery may only be corrective
  • The failure in daily OBV to get above last week’s high is also concerning
  • However, A close below 1.1000 on above average volume is needed to turn the outlook negative again on the euro

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY fell to its lowest levels in over a month this week
  • Volume, however, remains very low and unsupportive of the decline
  • The downtick in daily OBV is negative, but a break under the late July low is needed to excite about potential further downside
  • A close back over 124.30 on above average volume would turn us positive on the pair

Daily Volume Chart: GBP/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD broke above the range highs this week to trade at its highest level since early July
  • Raw volume has begun to pick up a but is still far from levels of conviction
  • The modest move in daily OBV off the recent lows is unsupportive of a broader advance
  • A daily close back under 1.5425 on above average volume is needed to turn the outlook negative 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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