Talking Points
- EUR/USD low volume consolidation favors trend continuation
- USD/JPY OBV continues to support the uptrend
- GBP/USD OBV remains a negative
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD remains in consolidation mode above the year-to-date low at 1.2356
- Below average daily volume levels during this consolidation favor an eventual downside resolution
- Recent turn down of daily On-Balance-Volume (OBV) a potential negative
- A move over 1.2575 on above average volume is required to shift attention higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY traded to a new 7-year high this week just shy of 119.00
- Uptick in daily volume figures at new high is supportive of the advance
- OBV continues to support the trend
- A close under 116.80 on above average volume would turn us negative on USD/JPY
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD traded at a new low for the year this week
- Daily volume figures have been below trend and not supportive of the push to new lows
- However, accompanying new lows in OBV is seen as supportive of the downtrend
- A daily close back over 1.5800 on above average volume would turn us positive on Cable
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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