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The Weekly Volume Report: Sterling Rallies on Strong Turnover

The Weekly Volume Report: Sterling Rallies on Strong Turnover

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Cable rallies on strong turnover
  • USD/JPY OBV breaks to new multi-month highs

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

Daily Volume Chart: EUR/USD

The Weekly Volume Report: Sterling Rallies on Strong Turnover

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD moved steadily higher over the past week
  • Below average volume on the advance raises questions about the underlying strength of the move
  • However, the strong push higher in daily OBV is constructive
  • A close above 1.1350 on above average volume would turn us positive on the rate

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Sterling Rallies on Strong Turnover

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY moved generally higher over the past week
  • Slight above average daily volume during the rise supportive
  • The move in daily OBV to multi-month highs is also a positive
  • A close back over 121.65 on above average volume would turn us positive on the pair

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Sterling Rallies on Strong Turnover

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD moved sharply higher this past week
  • Volume has been generally above average which is supportive of the rise
  • However, the persistent weakness in daily OBV requires caution
  • A daily close over 1.5580 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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