Can you assess volume?

Beginner Questions
1

Hello,

In the equity world, if you wanted to determine how ‘valid’ a s/r level is, or how ‘valid’ a breakout is, volume would often be a good indicator.

In currencies, such an indicator is… well not the same, it doesn’t measure actual transaction volume for the time period.

However, is it possible to assess currency volume via volume on currency futures (which I really don’t know much about) or perhaps via currency ETF’s?

For example, FXY tracks the Yen using the actual currency as the underlying. Theoretically, if volume in FXY is high, that should mean it is also high(ish) in the currency market.

What do you guys think?

Thanks,
Rainmonkey

2

It’s a good indicator to look at, for EU, look at Euro futures, for GU, look at the Pound futures… or you can even look at the tick volume if you know what you are doing, otherwise, it’s a double sword.

3

There are a couple of places you can get retail volumes. such as Forex Order Book | OANDA fxTrade

It is the big banks’ volume data you really need. I have not seen this.