Weekly Summary And Review 7th July 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of July 7th 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)

GBPNZD – My idea here was “On the H1 chart, 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. In addition to this, the ADX indicator gave a bearish signal here as well 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. Also, we had two strong support zones that has formed and the price which was moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong resistance zones (marked in red) shown in the image below hold my short term view remains bearish here and I expect the price to move lower further after pullbacks”.

 

 

Current Scenario – In GBPNZD, the price has currently broken above the first strong resistance zone and is holding above it. Until the second strong resistance zone holds my short term view still remains bearish here and I expect the price to move lower further.

 

 

 

NZDCAD – 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 currently broken above the most recent downtrend line, we may consider this as evidence of bullish pressure. In addition to this, we have this downtrend line breakout on the RSI indicator as well, which we may consider as another evidence of bullish pressure. Also, the ADX indicator gave a bullish signal here as well 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. In addition to this, based on the Parabolic Sar we could see that the dots are below the price here as well 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 NZDCAD, after the most recent downtrend line breakout, my plan here is to look for bullish continuation after pullbacks. The price action is following the bullish expectations so far and my plan still remains the same here.

 

 

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