· Volumes were lighter on Monday as many currency pairs consolidated recent moves.
· AUD/USD has seen a reduction in activity over the past couple of days as selling intensity has abated ahead of the important 2011 lows near 0.9385. We would look for a break below there with a spike in activity to confirm further weakness.
· NOK/SEK registered more than twice the previous day’s volumes as investors took profits on longs ahead of resistance in the 1.1470 area.
· Low levels of activity in GBP/USD reflect lack of interest with range trade.
Read the full report: Technical Research
Barclays