4-hour timeframe
Overview:
The buy signal with the target at 0.9854 is still continuing. This signal is weak now, but confirmed, since the price could not overcome the Ishimoku cloud and the Chinkou Span strengthened above the price curve. It is recommended not to trade up until the signal is not confirmed. In case the price overcomes the Ishimoku Cloud the first resistance level of 0.9875 will be the first target for the uprising movement. If the price fixates below the Kijun-Sen (0.9875), then this will lead to the weakening of the current buy signal and in this case the long positions should be cut. The Chinkou Span is above the price graph, thus confirming the current buy signal. The Bollinger Bands show the uptrend, as the lines are diverging and directed upwards. MACD is ascending, thus indicating the current uprising movement.
Trading recommendations:
Currently, it is recommended wait for the strengthening of the price above the Ishimoku Cloud and afterwards to trade up with the target at 0.9875. The stop-loss is set below the Kijun-Sen – 0.9680. In case the MACD reverses downside the long positions should be cut.
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.
