Talking Points
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Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD moved steadily higher over the past week
- Generally below average volume this past week is unsupportive of the rise
- However, the push to multi-month highs in daily OBV is a clear positive
- It would take a move under 1.1080 on above average volume to 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 shedding little light on the future directional path of the exchange rate
- Sideways action in the daily OBV also highlights the lack of conviction amongst traders
- 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 rebounded sharply this past week
- Volume was above average for the most part and supports the rise
- Daily OBV still remains a concern as it remains around multi-month lows
- A daily close over 1.5480 on above average volume is needed to turn us positive again 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
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