Weekly Summary And Review May 19th 2023

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of May 19th 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 H1 chart, the price which was moving higher has created a bullish trend pattern in the form of three higher highs, 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, based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as yet another evidence of bullish pressure. 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 (marked in green) shown in the image below hold my short term view remains bullish here and I expect the price to move higher further after pullbacks”.

 

 

Current Scenario – In AUDNZD my short-term view was bullish and I was expecting the price to move higher further until the two strong support zones hold. The price failed to hold in the first strong support zone. Currently, the price is holding in the second strong support zone. Until the second strong support zone holds my short term bullish view still remains the same here. Alternatively, if we get a valid breakout below the second strong support zone then this bullish view will be invalidated.

 

 

 

Ripple – My idea here was “On the H1 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. Also, 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. Currently it looks like a pullback is happening and based on the Stochastic Oscillator we could see that the price has reached it’s extreme, which we may consider as yet another evidence of bullish pressure. In addition to this, currently, there are no signs opposing this bullish view here as well. 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”.

 

 

Current Scenario – In Ripple, based on the above-mentioned analysis my short term view was bullish and I was expecting the price to move higher further after pullbacks until the two strong support zones hold. The price action followed my analysis exactly as I expected it to here. After the higher highs we had a pullback with the price reaching the first strong support zone. The price respected this zone, moved higher further and delivered a nice move to the upside as you can see in the image below.

 

 

 

NZDUSD – 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, and lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then a further continuation lower. Currently, it looks like a correction is happening. Also, we had two strong support zones that have formed, the price moved lower broke 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. Also, there are no signs opposing this short term bearish move at the moment. So the bottom line here is that all the evidences are favoring the bears here. Until the 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 NZDUSD my plan still remains the same here that is until the 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.

 

 

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

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