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The Weekly Volume Report: Dollar Trying To Turn?

Kristian Kerr

DailyFX.com -

Talking Points

  • EUR/USD moves up on high volume

  • USD/CAD sees dramatic increase in turnover

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Dollar Trying To Turn?
The Weekly Volume Report: Dollar Trying To Turn?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has traded steadily higher over the past few days

  • Volume has been well above average during this rise and raises concerns that a more material correction higher is developing

  • The sharp rise in daily OBV is also a concern

  • A close over 1.1040 on above average volume is needed to turn the outlook more positive on the euro

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Dollar Trying To Turn?
The Weekly Volume Report: Dollar Trying To Turn?

Charts Created using Marketscope – Prepared by Kristian Kerr

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  • USD/JPY has fallen steadily after failing near 121.00 earlier in the week

  • Below average volume during the decline is supportive

  • Persistent weakness in daily OBV does remains a cause for concern

  • A close under 118.00 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: USD/CAD

The Weekly Volume Report: Dollar Trying To Turn?
The Weekly Volume Report: Dollar Trying To Turn?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD fell sharply this past week to trade at its lowest level in almost three months

  • The move lower was accompanied by strong volume and warns a broader liquidation phase is underway

  • Daily OBV has also begun to pick up downside momentum

  • A daily close above 1.2450 on above average volume is needed to turn the outlook more positive for Funds

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail kkerr@fxcm.com. Follow me on Twitter @KKerrFX


original source

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