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The Weekly Volume Report: Next Volume Surge Key For USD Direction
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Talking Points
EUR/USD advance sees volume wane
USD/JPY breaks post-FOMC low
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD traded to its highest level in three weeks this past week
Volume has fallen off significantly from the levels seen last week which suggests this strength is likely part of some broader correction
A modest rise in daily OBV over the past couple of weeks favors the broader downtrend
A close below 1.0760 on above average volume is needed to signal that broader downside forces are beginning to re-assert
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY fell to its lowest level in over a month this past week
A weakening volume trend during this recent decline suggests the recent action is only a correction within a broader uptrend
However, more aggressive weakness in daily OBV is a cause for concern
A close under 118.00 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
GBP/USD has traded in a tight consolidation this past week below 1.5000
The rise in volume over the past couple of weeks during the consolidation suggest the pair might be basing
However, the lack of advance in the daily OBV supports the broader decline
A daily close above 1.5000 on above average volume is needed to turn the outlook more positive for the pound
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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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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