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The Weekly Volume Report: Dollar Trying To Turn?
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Talking Points
EUR/USD moves up on high volume
USD/CAD sees dramatic increase in turnover
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD has traded steadily higher over the past few days
Volume has been well above average during this rise and raises concerns that a more material correction higher is developing
The sharp rise in daily OBV is also a concern
A close over 1.1040 on above average volume is needed to turn the outlook more positive on the euro
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY has fallen steadily after failing near 121.00 earlier in the week
Below average volume during the decline is supportive
Persistent weakness in daily OBV does remains a cause for concern
A close under 118.00 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: USD/CAD
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/CAD fell sharply this past week to trade at its lowest level in almost three months
The move lower was accompanied by strong volume and warns a broader liquidation phase is underway
Daily OBV has also begun to pick up downside momentum
A daily close above 1.2450 on above average volume is needed to turn the outlook more positive for Funds
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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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