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The Weekly Volume Report: Volume Spikes With Spot

The Weekly Volume Report: Volume Spikes With Spot

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Another high volume reversal in AUD/USD
  • Capitulation high in the euro?

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD underwent extreme volatility this past week as spot traded in a five big figure plus range
  • A sharp spike in volume on the move to 1.1700 warns of a potential upside capitulation
  • The divergence in daily OBV on the spike higher relative to the May high is also negative
  • A close below 1.1000 on above average volume is needed

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY fell to its lowest level more than 7-months this past week before recovering the bulk of the week’s losses
  • The increase in volume on the spike lower and recover warns that capitulation low of some kind was traced out
  • Unlike in the euro, USD/JPY did not record an OBV divergence against its most recent low which is a potential negative
  • However, a close above 123.00 on above average volume is needed to confirm a more important shift higher in the exchange rate

Daily Volume Chart: AUD/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD traded down to its lowest level in over six years this past week
  • A trio of above average volume spikes on recen wide range days suggests the exchange rate is nearing an exhaustion point
  • However, a strongly trending daily OBV line suggests the downtrend remains firmly entrenched
  • A daily close over .7300 on above average volume is needed to turn the outlook more positive

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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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