4-hour timeframe
Overview:
The sideways movement continues. New sell signal has been formed already; however, the Bollinger Bands converged indicating the flat. The Ishimoku signals can be ignored until the lines start to diverge. In case the lines converge down and current signal is observed, the support levels of 80.30 and 79.76 will be the targets for the downside movement. If the Bollinger Bands are diverging and directed up, it is recommended to wait for buy signal. The Chinkou Span is below the price chart, thus denoting the bearish sentiment. The Bollinger Bands show the sideways movement, the lines diverged slightly, but still are directed sideways. The MACD is ascending pointing to the current uprising movement within the bounds 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.