Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of October 21st 2024 is here. It is now time to recap and summarize the trade setups that we had during last week. Below you will find a short explanation of all the trade setups we had during last week and how it has currently developed now.
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EURNZD – My idea here was “On the H4 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. Also, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening. In addition to this, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after pullbacks”.
Current Scenario – My plan didn’t change in EURNZD, that is until the two strong support zones shown in the image below(marked in green) hold my short-term view remains bullish here and I expect the price to move higher further after pullbacks.
NZDUSD – My idea here was “On the H4 chart, currently, we have a strong bearish momentum and the price which is moving lower has broken below a strong support zone and is holding below it, we may consider this as evidence of bearish pressure. After the breakout, this strong support zone is acting as a strong resistance zone for us. Also, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a correction is happening. Also, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward moving market conditions so it basically reflects a bearish environment. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. So the bottom line here is that, everything looks good here for the bears and I expect the price to move lower further in the short term after pullbacks until the strong resistance zone (marked in red) shown in the image below holds”.
Current Scenario – In NZDUSD, until the strong resistance zone holds I was expecting short term bearish moves to happen after pullbacks. The price action is following the bearish expectations so far, my plan still remains the same here.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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