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The Weekly Volume Report: Sharp Uptick In Sterling Turnover

The Weekly Volume Report: Sharp Uptick In Sterling Turnover

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Sharp uptick in Sterling turnover
  • Modest rise in yen volume

Want to develop a more in-depth knowledge on the market and strategies? Take a look at DailyFX Trading Guides

Daily Volume Chart: EUR/USD

The Weekly Volume Report: Sharp Uptick In Sterling Turnover

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded at its highest level since late August this past week
  • The general lack of volume is unsupportive of the rise in the rate
  • However, a strong 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

The Weekly Volume Report: Sharp Uptick In Sterling Turnover

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY fell to its lowest level since late August this past week
  • Above average volume on the recent decline is a potential negative
  • However, sideways action in the daily OBV still warrants caution
  • 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: Sharp Uptick In Sterling Turnover

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD rebounded sharply this past week on well anove average volume
  • Generally above average volume is supportive of the rise
  • Daily OBV still remains a concern as it continues to struggle around multi-month lows
  • A daily close below 1.5200 on above averag volume would turn us 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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