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The Weekly Volume Report: Turnover Lacking Despite Recent Moves

The Weekly Volume Report: Turnover Lacking Despite Recent Moves

Kristian Kerr, Sr. Currency Strategist

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Talking Points

  • EUR/USD OBV at multi-month highs
  • GBP OBV remains under pressure

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD remains in a sideways to lower range
  • Generally below average volume this past week give little insight into future direction
  • However, a strong daily OBV is supportive of recent advances
  • A move under 1.1080 on above average volume will turn us negative on the exchange rate

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in a sideways to lower range
  • Average volume during the recent consolidation is sheds little light on future directional path
  • Sideways action in the daily OBV is also unhelpful
  • A close back over 121.65 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 came under steady pressure before rallying sharply on Friday
  • Volume has been fairly average which gives little insight into the strength of the recent decline
  • However, daily OBV remains under pressure which is supportive of a more important decline
  • A daily close over 1.5480 on above average volume is needed to turn us positive again on the pound

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DISCLOSURES

--- 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.

DISCLOSURES