Talking Points
- Turnover remains high in the pound
- USD/JPY meanders on average volume
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD continued its advance over the past week to trade at a new high for the month
- Below average volume on the advance continues to raise questions about the underlying strength of the current advance
- However, the move to new highs in daily OBV is supportive
- A move under 1.1080 on above average volume is needed to turn us negative on the exchange rate
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY remains in a sideways to lower range
- Average volume during the recent consolidation is sheds little light on future directional path
- Sideways action in the daily OBV is also unhelpful
- 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 continued higher to trade at its highest level in three weeks
- Volume has been generally above average which is supportive of the rise
- However, weakness in daily OBV remains persistent and is clear a potential negative
- A daily close below 1.5335 on above average volume would turn us negative on the rate
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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
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