Weekly Summary And Review March 24th 2023

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Weekly Summary And Review March 24th 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of March 24th 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)

AUDCHF – My idea here was “On the H1 chart, we could see that the price which was moving higher has created a bearish divergence between the first high that has formed at 0.61876 and the second high that formed at 0.62485 based on the MACD indicator. 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. In addition to this, currently, there are no signs opposing this short-term bearish view. So based on all this, until the strong 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 March 24th 2023

 

Current Scenario – In AUDCHF, based on the above-mentioned analysis I was expecting the price to move lower further in the short term until the strong resistance zone holds. The price action followed my analysis exactly as I expected it to and the price moved lower further delivering 100+ pips move so far!

 

Weekly Summary And Review March 24th 2023

 

 

Ripple – My idea here was “On the H4 chart, we have a bullish rally and currently, it looks like this bullish rally is about to continue. 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, we could see that the price which was moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. Also, 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 a value over 25, we may consider this as another evidence of bullish pressure. In addition to this, currently, there are no signs opposing this bullish view. Also, we had two strong resistance zones 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 strong support zones for us. So based on all this, until these two 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”.

 

Weekly Summary And Review March 24th 2023

 

Current Scenario – In Ripple, I mentioned that until the two strong support zones hold my short-term view remains bullish and I expect the price to move higher further. The price action is following the bullish expectations so far, my plan still remains the same here.

 

Weekly Summary And Review March 24th 2023

 

 

GBPCHF – My idea here was “On the H1 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 and the price which is moving lower has reached a strong support zone. We also have a bullish divergence that has formed supporting the H4 bullish hidden divergence between the first low that has formed at 1.12298 and the second low that has formed at 1.12287 based on the MACD indicator, we may consider this as another evidences of bullish pressure. There are two possible scenarios from here, the price might move higher from the current zone or alternatively if it moves lower then the next area to look for bullish setups with bullish evidences would be the second strong support zone”.

 

Weekly Summary And Review March 24th 2023

 

Current Scenario – My plan didn’t change in GBPCHF, that is until the two strong support zones hold my short-term view remains bullish here and I expect the price to move higher further after pullbacks.

 

Weekly Summary And Review March 24th 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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