Hi, guys it's the end of the weekend so let`s go back to charts and figure out what to do next week!
My idea of the next week is that the Yen will continue to have power over the other currencies. We will get back to that thought but first let me show you some ideas on EUR/GBP .
Lets start again from the bigger time frames to the smaller ones .
Weekly chart:
We see that the ascending channel had been broken and the price had begun a downtrend. Let's see what the price tells us on next time frame.
Daily chart:
This is so called golden crossover when red(50 Moving Average) has crossed green(200 Moving Average). A very promising signal. And we see that the price has new channel pointing south.
4 Hour chart:
We still have golden cross and stochastic has almost reached overbought theritory . In my opinion we can wait untill the price reaches 88.400 area and open a short position.
Now let`s see what happens with CAD/JPY from last week (https://steemit.com/forex/@rad94/my-opinion-on-next-week)
Daily time frame:
On the daily time frame we see that the ascending channel still remains unrbroken.
4 hours time frame :
On hourly chart the price is still under the red(50 moving average) and I hope this week to see the channel brokes.
If you don't share my thoughts and think otherwise, please let me know!