Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD has rallied modestly off an 11-year low over the past few days
Volume on the rise over the past few days has been low suggesting the advance is only corrective
Daily OBV levels also suggest the recent advance is only corrective
A close above 1.1450 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 action since then is likely only corrective
However, the persistent decline in daily OBV over past few weeks is a warning sign that a deeper decline may be unfolding
A close under 116.35 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 fell to its lowest level in over 5-years this past week
The lack of volume on recent on the latest decline raises questions about the strength of the downtrend
However, new lows in daily OBV is supportive of the decline
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
The Weekly Volume Report: Low Turnover Favors Correction
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