In the meantime, notable buy and sell order clusters were located five pips below and above the rate.
Daily Candle Chart
On the daily candle chart, the rate had no close by technical resistance or support of the monthly simple pivot points. That can be explained by the large volatility experienced in October. Due to that reason the pivot points are far away one from another.
In the meantime, the daily simple moving averages continued to impact the exchange rate. However, they do not cause reversals of direction. The rate pauses at the SMAs and afterwards resumes its move.
On Monday, the rate passed the support of the 100-day simple moving average at 1.5770, after finding support in it on Friday.
Meanwhile, the 55-day simple moving average was providing resistance at the 1.6250 level. The 200-day simple moving average was providing support at 1.5220.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Below, one can observe the market orders on November 9.
In general, buy order cluster are a lot bigger than the sell order cluster.
Namely, there are sell orders to sell more than 500 coins at 1.6200, 1.6800, 1.7000 and 1.7200.
In the meantime, there are buy order clusters with orders to buy more than 1,000 coins at 1.5100, 1.4600, 1.4500 and 1.3900.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the rate is expected to trade sideways until either holders or speculators give in to the other side by selling or buying.
Namely, in the case of buying starting, the price would start to move up, but it would be slowed down by the sell orders at 1.6200 and the 55-day simple moving average.
On the other hand, a decline would look for support in the 200-day simple moving average at 1.5220 and the buy orders at 1.5100.