Weekly Summary And Review 2nd June 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of June 2nd 2023 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find a short explanation of all the trade setups we had this week and how it has currently developed now.

Trading Ideas (Blog Posts)

AUDNZD  – 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. In addition to this, the price has broken above the most recent downtrend line and is holding above it. Also, we should note that the price which was in a bearish trend so far creating series of lower highs, lower lows has created higher highs for the first time in a while which we may consider as sign of a possible trend change. We may consider these as other evidences of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, currently, there are no signs opposing this bullish view. 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 – Based on the above-mentioned analysis my short term view was bullish here and I was expecting the price to move higher further until the two strong support zones hold. After the break of the downtrend line the price didn’t provide the deeper pullback that I was looking for and it continued the rally after smaller pullback and has delivered 120+ pips move so far.

 

 

 

GBPCHF – My idea here was “On the H4 chart,  we could see that the price which is moving higher has broken above the most recent downtrend line and is holding above it. Also, we could see that the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. We may consider these as other evidences of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bullish pressure. In addition to this, based on the Parabolic Sar we could see that the dots are below the price which we may consider as yet another evidence of bullish pressure. So based on all this, until the strong support zone 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 –  In this pair based on the above-mentioned analysis I was expecting the price to move higher further after pullbacks until the strong support zone holds. The price moved higher directly here without pullbacks and has delivered 140+ pips move to the upside so far.

 

 

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