This week, the rate could end the sideways trading, as some trader had set up a notable amount of sell orders at the 1.6000 mark, which is between the SMAs.
Daily Candle Chart
On the daily candle chart, the daily simple moving averages have recently started to show that they can reverse the direction of the currency exchange rate. Namely, both the 55 and 100-day simple moving averages have caused reversals of the direction of the pair.
In the meantime, note that the support of the 200-day SMA was located below the rate, near the 1.5300 level. Near that level the pair was strengthening the support of the buy orders that were located from 1.5400 to 1.5100.
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 16.
This week, it appears that sellers have moved their orders closer to the rate.
Namely, there are sell orders to sell more than 500.00 coins at 1.6000 and 1.6200. Moreover, more than 1750.00 coins could be sold at 1.6400.
In the meantime, the closest by notable buy orders are at the 1.5400 level. At that level more than 500.00 coins could be bought. Note that buy orders are located from 1.5400 to 1.5100.
In addition, large concentrations of buy orders were located at 1.4500 and 1.3900.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, there are two likely scenarios. The rate is either set to decline or trade sideways.
It would trade sideways due to the close by sell orders that are bound to keep down a surge of the price. The rate could surge only, if there is a large influx of buy orders at the market price.
On the other hand, the rate could decline due to the sellers deciding to move their sell orders slightly lower. It could cause a sell off among some of the holders.