Here are the details of the economic calendar for Sept 24:
Last Friday, US new home sales data was published, where they recorded an increase of 1.5% in August. It is worth noting that new home sales reflect the volume of new home sales in the United States in monetary terms in the reporting month. The analysis takes data on sold single-family homes and does not include apartment buildings. In addition, houses built by the owners of land plots and houses built for rent are excluded from the assessment. The report is prepared by the National Association of Realtors of the USA. Sales growth is a positive signal for the economy and the national currency.
Analysis of trading charts from September 24:
The EUR/USD pair moves in a closed range of 1.1700/1.1750, consistently rebounding from the set borders. Despite the characteristic slowdown of the downward cycle, it is still relevant in the market, where the local low (1.1664) of August 20 serves as a pivot point. The trading plan on September 24 considered the possibility of a price rebound from the level of 1.1750 to 1.1700. The forecast is considered fulfilled.
The GBP/USD pair managed to rebound from the resistance area of 1.3750, which resulted in a price reversal that partially restored the volume of dollar positions relative to the upward rally on September 23. The trading plan on September 24 considered the possibility of a pullback from the resistance level of 1.3750, where the signal for entering the market was to be a top-down passage of the level of 1.3700. As a result, the sell signal was executed, and the quote reached the first predicted level of 1.3685.
* The resistance level is the so-called price level, from which the quote can slow down or stop the upward movement. The principle of constructing this level is to reduce the price stop points on the history of the chart, where the price reversal in the market has already occurred earlier.
September 27 economic calendar:
America’s durable goods orders will be published today, which is expected to grow by 0.7% in August volume. This is a positive factor and may lead to the strengthening of dollar positions if the growth forecast coincides.
* Durable goods orders are an economic indicator that reflects the change in the value of new durable goods orders received by United States enterprises in the reporting month compared to the previous month. Durable goods are those goods whose service life exceeds three or more years, such as cars, machinery, equipment, etc. The data for processing was obtained by interviewing more than 5,000 manufacturers of durable goods across the country, representing 92 industries.
Trading plan for EUR/USD on September 27:
The US dollar has strengthened since the European session opened, as a result of which the quote managed to break through the level of 1.1700 and consolidate below it. The price being kept below the level of 1.1700 increases the chances of sellers reaching the local low (1.1664) of August 20. If the breakdown of the level of 1.1700 turns out to be false, the closed cycle 1.1700/1.1750 will continue.
Trading plan for GBP/USD on September 27:
The process of restoring the downward course from the resistance level slowed down the movement in the area of the 1.3655 level, where there was stagnation and as a result, a pullback. The subsequent growth in the volume of short positions is expected if the price is kept below the level of 1.3650, which will open the way towards the level of 1.3610.
Short positions or Short means sell positions.
What is reflected in the trading charts?
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices. Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future. The up/down arrows are the reference points of the possible price direction in the future.
Golden Rule:
It is necessary to figure out what you are dealing with before starting to trade with real money. Learning to trade is so important for a novice trader because the market is constantly dynamic and it is important to understand what is happening.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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