4-hour timeframe
Overview:
The buy signal with the target at 1.6057 continues. The Bollinger Bands are diverging. This signal is confirmed, since the Chinkou Span has fixated above the price graph and the price is above the Ishimoku Cloud. The target level has been already passed, however the signs of the reversal are not observed, which means that the upwards movement is actual. The price also has fixated above the pivot level of 1.6169 and we have the target at first resistance movement of 1.6169. In case the price rebounds from the level of 1.6057, the correction can start. In this case in order to trade with the target at 1.6169, it is recommended to wait until the price fixates above the target level. If the price is below the Kidjun-Sen (1.5900), the buy signal will weaken and it will be a point to cut long positions. The Chinkou Span is above the price graph, thus confirming the current buy signal. The Bollinger Bands show the uprising movement, the lines are diverging and directed upwards. The MACD is directed downside, however, the price does not declining.
Trading recommendations:
Currently, it is recommended to trade up with the target at 1.6169, but only in case the price fixates above 1.6057 and the MACD reverses upside. The stop loss is set below the Kidjun-Sen (1.5900).
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.