Talking Points
- Multi-year lows in the euro, but volume still lacking
- USD/JPY consolidation occurring on low turnover
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD fell to its lowest level in 9-years this week
- Declining volume since mid-October suggests the downtrend is tiring
- New lows in daily OBV supports recent decline
- A close above 1.2000 on above average volume will focus higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY remains in consolidation mode below 122.00
- Decline in volume since early December suggests recent action is only corrective
- Lack of downside momentum in daily OBV also suggests recent action is corrective
- A close under 118.00 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD fell to its lowest level since July of 2013 this past week
- Declining volume over past few months suggest downtrend might be near fatigue
- However, new lows in daily OBV is supportive of the decline in the near-term
- A daily close over 1.5200 on above average volume would turn us positive on the pound
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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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