Daily Candle Chart
On the technical daily candle chart, the daily simple moving averages approached one another, as the rate had traded flat. This event was followed by a break out from a squeeze, which was expected.
Namely, the pressure of the support of the 100-day simple moving average and the support of the 55-day simple moving averages caused the sharp move up.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Dukascopy Analytics has visualized the data by marking the buy and sell order levels on the chart. Below, one can observe the market orders on September 7.
The closest by and the largest support order cluster was located at the 1.4500 level, where 4050 Dukascoin would be bought.
In the meantime, notable buy order amounts were located as low as the 1.3700 level.
Meanwhile, sell orders started at 1.5600 and 1.5700. Together at these levels at least 1500 coins would be sold.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the rate is either going to continue to make attempts to pass the resistance of the 1.5700 level or it could retrace back down, as the sellers reduce their demands.