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Investment Recommendations May 24th

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USD/CAD: Short-Term Buy

USD/CAD, 4-Hour Chart Analysis

The pair has been declining since it reached the 1.38 level following our recommendation. The declining short-term trend has carried USD/CAD back below the 1.35 level, and it’s now close to the key support near 1.34. The advancing long-term trend channel is still intact and the lower boundary should provide support in the coming days.

The MACD indicator shows deeply oversold levels, and that could boost a coming bounce. The 1.3570 level is a good initial target for the move, with the 1.3650 level ahead as resistance as well. The initial stop-loss order could be placed just below the 1.3375 level.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 280 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Trade Recommendation: Cardano/Ethereum

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The Cardano/Ethereum (ADA/ETH) pair appeared to have broken out of an inverse head and shoulders reversal pattern on April 28, 2018 when it went above resistance of 0.0005. Unfortunately for breakout players, the market was not yet ready to launch a bull run. Those who bought the bottom used the breakout as an opportunity to take heavy profits.

In addition, a bearish divergence was spotted on the daily RSI. This was a sign of underlying weakness. As a result, ADA/ETH broke 0.0005 support on May 3. The price action trapped those who bought the breakout. This sparked a selling frenzy that saw the pair generate 20 red candles in 25 days.

While the ADA/ETH looks bearish right now, it appears that the bottom is in sight.

Technical analysis show that ADA/ETH is well on its way down to support of 0.00027. We believe bulls will be able to defend it for several reasons.

First, the market is in extreme oversold territory so we can expect a selling relief soon. Also, 0.00027 is the pair’s strongest support level. Bulls are bound to preserve it to keep the market stable. Lastly, the 4-day, 8-day, and 21-day moving averages are detached from the daily candle’s body. This indicates that the move down is not sustainable.

The strategy is to buy as close to 0.00027 as possible. If bulls hold on to the support, the market will most likely bounce to our target of 0.00035. We’ll revisit the trade once the target is hit.

The process may take a month.

Daily Chart of ADA/ETH on Binance

As of this writing, the Cardano/Ethereum pair is trading at 0.00028619 on Binance.

Summary of Strategy

Buy: As close to 0.00027 as possible.

Target: 0.00035

Stop: 0.00026

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 181 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: Short SGD/JPY

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The Singapore Dollar/Japanese Yen Pair began to look bearish in December 2015 when it generated a lower high of 88.372. Things went from bad to worse when the pair broke support of 82.70 in February 2016. This triggered the large head and shoulders reversal pattern on the weekly chart.

The breakout ignited a selling frenzy that saw the pair drop to as low as 72.371 in June 2016. In about seven months, the Singapore Dollar lost over 18% of its value against the Japanese Yen.

At this price level, the target of the head and shoulders pattern was already achieved. SGD/JPY then went into base-building mode until November 2016 when volume and price surged. This ignited a rally that pushed the pair above 82.70 resistance in September 2017. However, it appears that the pair is not yet ready to start a bull run.

Technical analysis reveal that SGD/JPY is creating a head and shoulders reversal pattern on the weekly chart. This view comes after the pair generated a lower high of 83.014 in May 2018. The price action serves as a confirmation that the 82.70 resistance is still intact. More importantly, it trapped bulls who bought the breakout. Breach of 79.80 support should start a waterfall event that would drive the market down to our target.

The strategy is to short SGD/JPY when it breaks below 79.80. Once the market is below this level, participants will cut their losses which may send the pair to our target of 74.

The process may take three months.

Weekly Chart of Singapore Dollar/Japanese Yen on OANDA

As of this writing, the Singapore Dollar/Japanese Yen pair (SGD/JPY) is trading at 80.965 on OANDA.

Summary of Strategy

Buy: Short the market when it moves below 79.80.

Target: 74

Stop: Move above 81 after the breakout.

 

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 181 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: WAVES/Ethereum

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The WAVES/Ethereum (WAVES/ETH) pair appeared to have broken out of a cup and handle pattern on April 29, 2018 when it went as high as 0.01334997. Unfortunately for buyers at this level, the pair was not yet ready to start a bull run. Those who bought the bottom at 0.006 early this year used it as an opportunity to take heavy profits. As a result, the pair broke below 0.01 support on May 4.

The false breakout ignited a selling frenzy as those who bought the breakout raced to get out of the market. WAVES/ETH then broke support of 0.009 on May 5. The pair has been dropping ever since. However, the bottom appears to be in sight.

Technical analysis show that WAVES/ETH is about to hit support of 0.006. The support level is our target as a false breakout usually sends a market to a key support or resistance level. In this case, the bull trap above 0.01 is driving the pair down to 0.006 support.

Also, we can see that the RSI is about to hit oversold territory. We expect a selling relief once the pair flashes oversold readings which is around 0.006. This should provide an opportunity for bottom fishers to spark a rally.

Lastly, 0.006 is the pair’s last support level. We expect bulls to defend it to keep the market stable.

The strategy is to buy as close to 0.006 as possible. If bulls continue to preserve the support, the market will most likely bounce to our target of 0.009. We’ll revisit the trade once the target is hit.

The process may take a month.

Daily Chart of WAVES/ETH on Bittrex

As of this writing, the Waves/Ethereum pair is trading at 0.00609735 on Bittrex.

Summary of Strategy

Buy: As close to 0.006 as possible.

Target: 0.009

Stop: 0.0059

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
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3.7 stars on average, based on 181 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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