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Trade Recommendation, June 16th

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DAX: Short-Term Sell

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DAX, 4-Hour Chart Analysis

The weakening momentum, the negative seasonality, and the weak bounce off the Thursday lows justify a short-term short position in the German index, as we expect further correction in global stocks. The strong decline in the leading names of the NASDAQ is still affecting equities globally, and that could fuel a risk-off period with valuations still being elevated.

The 12,800 level is the short-term resistance for the benchmark, while a drop below 12,650 would open up the way towards 12,500 and 12,375, with an expected break below the rising long-term trendline. A re-test of the 12,250 level is also possible in the coming weeks.

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Cryptocurrencies

Trade Recommendation: Ethereum

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The price bounced from 300.00 level. RSI and a reversal candlestick pattern confirmed price reversal. MACD supports upward movement and DMI allows opening long trades. Pending orders for buy should be placed above the local swing at 318.00 level. Stop orders should be placed below 300.00 support at 286.00 level. Profit targets are 350.00 and 390.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.

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Market: ETHUSD
Buy: 318.00
Stop: 286.00
Profit Targets: 350.00 and 390.00

The trading signal is based on Poloniex chart.

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Trade Recommendation: GBPJPY

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The price bounces from the support zone formed by the uptrend line and 148.00 support level. RSI confirms price reversal. MACD is going to support upward movement and DMI allows opening long trades. We have buy opportunity. Pending order can be placed above the previous high at 149.50 level. Stop orders should be below the local swing low at 147.80 level. Profit target are 152.70 and 159.80 levels. Don’t risk more than 3% from your deposit in this trade.

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Market: GBPJPY
Buy: 149.50
Stop: 147.80
Profit Targets: 152.70 and 159.80

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Cryptocurrencies

Trade Recommendation: Zcash

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The price bounced from 220.00 support level. RSI and a reversal candlestick pattern confirmed price reversal. DMI shows range market conditions and we can wait for a volatility breakout with further strong price movement. In order to catch such movement we should placed pending orders for buy at 235.00 level. Buying from this level, we do it not far from the possible bottom. Stop orders must be at 212.00 level which is below the local swing low. Profit targets are 300.00 and 400.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.

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Market: ZECUSD
Buy: 235.00
Stop: 212.00
Profit Targets: 300.00 and 400.00

The trading signal is based on Poloniex chart.

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