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The Weekly Volume Report: USD Pushes Higher But Still Waiting on Volume
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Talking Points
EUR/USD recovery lacking volume
USD/JPY advances with little turnover
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD recorded a new low close for the year this week
Declining volume during recent consolidation favors a downside resumption, but turnover needs to pick up on weakness to confirm this thinking
A rather stagnant daily OBV line also favors an eventual downside resolution
A close above 1.1450 on above average volume will turn attention higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY has traded in a very tight consolidation over the past couple of weeks
The lack of volume during the push higher at the start of the month raises concerns that the consolidation is not yet finished
The lack of momentum in daily OBV is also a concern
A close under 118.00 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: AUD/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
AUD/USD traded at its highest level in almost a month this week
Volume has been in general decline since the start of year, but the lack of turnover on the recent rise suggests move is likely only corrective
A modest move off the recent lows in daily OBV also favors a correction scenario
A daily close above .8000 on above average volume would turn us positive on the Aussie
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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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