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Trade Recommendation: EUR/RUB

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The Euro/Russian Ruble pair (EUR/RUB) supercharged its uptrend in December 2013 when it took out resistance of 45. The market had a strong base below 45 that it went parabolic after the breakout, catapulting the pair to as high as 97.907 in December 2014. In one year, the Euro grew by 54% against the Russian Ruble.

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At this price, the market was in extreme overbought territory. Trend followers and breakout traders took profits and drove the market down to 52.417 in April 2015. Bulls stepped in to bottom fish, which inspired a rally that helped lift the market to 93.69 in January 2016.

Sensing that a lower high was in place, market participants started to dump positions to limit their exposure and protect their capital. EUR/RUB plunged as it generated a series of lower highs until it bottomed out at 59.4435 in April 2017. The pair has been rallying since and it may be ready to start another bull run.

Technical analysis show that the Euro/Russian Ruble pair has broken out of a symmetrical triangle pattern on the monthly chart when it went above 75 on April 10, 2018. This comes after the pair generated a higher low of 59.4435 last year. In addition, the pair is far from overbought territory. While bears are working hard to regain control of the market, bulls have a lot of room to operate.

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The strategy is to buy on dips as close to 75 as possible. As long as bulls are above this level, they may have the momentum to take the pair to our initial target of 95.

The process may take less than a year.

Monthly Chart of EUR/RUB

As of this writing, the EUR/RUB pair is trading at 76.363.

Summary of Strategy

Buy: Buy on dips as close to 75 as possible.

Target: 95

Stop: 73

 

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 168 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: USDCAD

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This trade recommendation is setting up quickly and requires prompt attention.

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The Canadian Dollar (USDCAD) has a good setup to go long on a breakout above the swing high from last week’s closing move. The 3 Day Rolling Pivot Range (RPR) and the Weekly Pivot Range high level are providing near term support at the time of writing.

There are 2 indicators that I also use that are coinciding with the swing high level from last week. These are the Opening Range high/low (white dots) and the ‘A’ up line. Each of these levels closely associated, represent a key price area and where we will want to go long the market.

What confirms the long bias is the Daily Pivot Moving Averages turning up and crossing over.

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The longer term Pivot support levels are the 6 Day Rolling Pivot Range and the Monthly Pivot Range.

We must wait for confirmation however, and this will increase our chances of success if we buy on strength. Using the 60 minute chart we will want to buy on a breakout above the swing high level at 1.29110. This will confirm the market wants to move higher. Place the stop loss just below the 3 Day RPR and the profit targets stated below.

Entry Price: 1.29110
Stop Loss: 1.28620
Profit Targets: First profit target 1.29650. Second profit target is 1.2988. As the market moves higher on the breakout, trail a stop loss 30 pips until second profit target is hit.

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

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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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: CAD/PHP

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The Canadian Dollar/Philippine Peso (CAD/PHP) pair started to look bearish when it generated a lower high of 45.595 in April 2011. The downtrend was confirmed in October 2012 when the pair broke support of 42. This activated the double top reversal pattern on the monthly chart.

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The reversal triggered a selling frenzy that saw the market plummet to as low as 32.625 in January 2016. In about five years, the Canadian Dollar lost over 28% against the Philippine Peso.

At this price level, the pair was flashing reversal signals. A bullish divergence on the RSI can be spotted on the monthly chart. In addition, the monthly candle was a long hammer. This indicates the presence of bulls below 34. These signals attracted bottom fishers to enter the market. Their buying activity ignited a rally that pushed the pair to 42.222 in September 2017.

Interestingly, 42.20 is the 61.8% Fibonacci level. This indicates that this level is a firm resistance. As a result, the rally was met with a strong pullback that sent CAD/PHP down to 38.979 in December 2017. Bulls responded by making 38.979 a higher low. The setup gives us reason to expect that the pair is about to turn bullish soon.

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Technical analysis show that the Canadian Dollar/Philippine Peso pair is positioning to take out the 61.8% Fibonacci level as seen on two emerging patterns. The first one is the inverse head and shoulders pattern on the monthly chart. The second is the symmetrical triangle pattern on the monthly chart. Both reversal structures are conspiring to breach 42.20.

The strategy is to bottom pick the market and buy as close to 40 as possible to maximize returns and minimize risk. As long as the pair stays above 40, it has all the momentum it needs to take out 42.20 and climb to our target of 48.

The process may take more than six months.

Monthly Chart of CAD/PHP

As of this writing, the Canadian Dollar/Philippine Peso pair is trading at 40.557.

Summary of Strategy

Buy: Buy as close to 40 as possible.

Target: 48

Stop: 38.979

 

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 168 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: Zcash

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This trade recommendation is setting up quickly and requires prompt attention.

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The ZECUSDT coin price has tested the 3 Day Rolling Pivot Range and held support there. With a clear reversal Hammer candle in place the price could see a strong reversal move. The Daily Pivot Range low is current near term resistance.

This is a good risk reward ratio buy trade. The longer term supports of the Weekly and Monthly Pivot Range set below the current price is a solid sign of upward bias. Additionally,  the Daily Pivot Moving Averages remain turned up which demonstrates continued upward bias.

The action to take is to buy at just above the Daily Pivot Range low on a breakout of this resistance level.  Place your stop loss and profit targets stated below.

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Entry Price: 349.50
Stop Loss: 336.50
Profit Targets: First profit target 377.00. Second profit target 390.00. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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