4-hour timeframe
Overview:
The sideways movement continues. New sell signal has formed; however, the Bollinger Bands converged, indicating the flat. Until the lines start to diverge, the Ishimoku signals can be ignored. In case the lines diverge down and current signal is presented, the targets for the downside movement will be the support level s of 80.30 and 79.76. If the Bollinger Bands diverge up, it is recommended to wait for the sell signal. The Bollinger Bands show the sideways motion, the lines converge and directed sideways. The MACD is descending, pointing to the current downtrend within the framework of the sideways channel.
Trading recommendations:
Currently, it is recommended to wait until the Bollinger Bands start to diverge.
In addition to technical image, one should take into account the fundamental data and the time of their release.
The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.
