The Weekly Volume Report: Sterling Rallies on Strong Turnover
DailyFX.com -
Talking Points
Cable rallies on strong turnover
USD/JPY OBV breaks to new multi-month highs
Get real time volume on your charts for free. Click HERE
Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD moved steadily higher over the past week
Below average volume on the advance raises questions about the underlying strength of the move
However, the strong push higher in daily OBV is constructive
A close above 1.1350 on above average volume would turn us positive on the rate
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY moved generally higher over the past week
Slight above average daily volume during the rise supportive
The move in daily OBV to multi-month highs is also a positive
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 moved sharply higher this past week
Volume has been generally above average which is supportive of the rise
However, the persistent weakness in daily OBV requires caution
A daily close over 1.5580 on above average volume would turn us positive on the pound
To receive Kristian’s analysis directly via email, please SIGN UP HERE.
--- 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.
Learn forex trading with a free practice account and trading charts from FXCM.