I am diagnosed with a 4cm haemorrhagic cyst on right ovary and a 2 cm functional cyst on left ovary. i am trying to conceive, can i ovulate?

Most probably yes: Normal Ovulation depends on a well functioning hypothalamus-pituitary-ovarian system and not on the presence of "a 4 cm hemorrhagic cyst" ( which may be a corpus luteum evidence of recent ovulation) nor of a 2 cm "functional cyst" (which my be preovulatory). Consult a Reproductive Endocrinologist/infertility doctor for ovulation tests and ways to conceive.