Talking Points
- EUR/USD – New yearly lows in On-Balance-Volume
- USD/JPY rallies, but volume does not
- AUD/USD consolidates on below average volume
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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
- Daily volume levels have fallen over the past few weeks suggesting recent upside action is only corrective
- New yearly lows in On-Balance-Volume (OBV) is also supportive of an eventual downside resumption
- A move over 1.2800 on above average volume is needed to prompt a more serious upside squeeze
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY has rallied steadily over the past week after finding support near the 1H14 high
- The lack of volume during the recent decline suggests the move is likely only corrective
- However, volume on latest rally is also well below average and a cause for some concern
- OBV levels remain quite supportive of the broader uptrend
- A close under 105.90 on above average volume would turn us negative
Daily Volume Chart: AUD/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- AUD/USD is in consolidation mode above the YTD kow near .8640
- Volume over past couple of weeks has been below average and suggests recent action is only corrective
- New yearly lows in OBV is supportive of an eventual downside resumption
- A daily close over .8900 on above average volume is needed to turn the outlook more positive
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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