Weekly Summary And Review January 20th 2023

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Weekly Summary And Review January 20th 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and review of January 20th 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)

EURGBP – My idea here was “On the H4 chart, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, and higher lows, we may consider this as 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, also we had two strong resistance zones that have 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. So based on all this, until both these strong support zones shown in the image below (marked in blue) hold my view remains bullish here and I expect the price to move higher further”.

 

 

Current Scenario – My plan didn’t change here in EURGBP that is until the two strong support zones hold my short-term view still remains bullish here.

 

Weekly Summary And Review January 20th 2023

 

 

AUDNZD – My idea here was “On the H4 chart, the price reached a key resistance zone that has formed based on the 100%(1.09182) Fibonacci expansion level of the first wave and the 61.8%(1.09536) Fibonacci expansion level of the second wave. The price respected this zone and is currently moving lower. Also, we have a bearish divergence that has formed between the first high formed at 1.08788 and the second high formed at 1.09374 based on the MACD indicator which we may consider as evidence of bearish pressure. 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 everything looks good here for the bears and until the key resistance zone (marked in red) shown in the image below holds my short-term view remains bearish here. A valid breakout below the last low at 1.07980 would be the validation for this bearish view”.

 

Weekly Summary And Review January 20th 2023

 

Current Scenario – In AUDNZD, the validation for the short-term bearish view which is a valid breakout below the last low at 1.07980 happened. Currently, it looks like a pullback is happening. Until the key resistance zone holds my short-term view still remains bearish here.

 

Weekly Summary And Review January 20th 2023

 

 

AUDUSD – My idea here was “On the H4 chart, we have a bearish divergence that has formed here as well, between the first high formed at 0.69495 and the second high formed at 0.70631 based on the MACD indicator which we may consider as evidence of bearish pressure. The price then moved lower and broke below the last low at 0.69295 thus creating lower lows which we may consider as another evidence of bearish pressure. Also in addition to this, we have an uptrend line breakout based on the RSI indicator, which we may consider as yet another evidence of bearish pressure. So everything looks good here for the bears and until the key resistance zone (marked in red) shown in the image below holds my short-term view remains bearish here and I expect the price to move lower further”.

 

Weekly Summary And Review January 20th 2023

 

Current Scenario – In AUDUSD, the price action is following the bearish expectations so far. Until the key resistance zone holds my short-term bearish view still remains the same here.

 

Weekly Summary And Review January 20th 2023

 

Note: You can follow us here on Trading View and also on our blog to get similar ideas on daily basis)

For similar trade ideas and much more I invite you to join the Home Trader Club and improve your trading with us.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

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