4-hour timeframe
Overview:
The buy signal with a target to 0.9854 is continuing. This signal is strong and confirmed, as the price strengthened above the Ishimoku cloud and the Chinkou Span managed to fixate above the price chart. Also the price has reached and overcome the first resistance level of 0.9823. That is why the first target for the uprising movement is the second resistance level of 0.9905. In case the price manages to fixate above this level, the next target will be the third resistance level of 1.0023. If the price is below the Kijun-Sen (0.9730), then the current buy signal will weaken and it is recommended to cut long positions. The Chinkou Span is above the price graph, thus confirming the current buy signal. The Bollinger Bands indicates the continuation of the uprising motion, as the lines are diverging and directed upside. The MACD is ascending, thus denoting the current uptrend.
Trading recommendations:
Currently, it is recommended to trade up with the target to 0.9905 and further to 1.0023. The stop-loss is set below the Kijun-Sen – 0.9730. 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.
