The Weekly Volume Report: Volatility Reigns, But Turnover Lacking
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Talking Points
GBP/USD volume figures unsupportive of recent decline
EUR/USD nears new low for the year, but volume remains low
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD underwent a volatile week of trading with spot touching new highs for the month before settling back towards the lows of the year
Declining volume since mid-October is unsupportive of the downtrend
Persistent divergence in daily OBV also a concern
A close under 1.2245 on above average volume will re-focus lower
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY fell to its lowest level in almost a month before rebounding sharply from support around 115.50
General rise in volume since November is supportive of the uptrend
OBV divergence over past few weeks remains a concern
A close under 115.00 on above average volume will re-focus lower
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
GBP/USD recorded a new low for the year this week
Declining volume since early September is not supportive of the recent advance
A persistent divergence in OBV is also unsupportive of recent weakness
A daily close under 1.5790 on above average volume would turn attention higher
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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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