Here are the details of the economic calendar for Sept 27:
Yesterday, data on orders for durable goods in the United States were published, the volume of which increased by 1.8% in the period of August. This is a positive factor for the national currency and the economy as a whole.
* 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.
Analysis of trading charts from September 27:
The EUR/USD pair managed to show a downward interest during the past day, but it was clearly not enough. Market participants reduced again the volume of short positions in the area of the level of 1.1685, which led to stagnation until the end of the trading day. The trading plan on September 27 considered the strategy of consistent weakening of the euro exchange rate. The first stage was the retention of the price below the level of 1.1700.
The strategy still remains. The area of the variable support of 1.3655 only temporarily reduced the volume of short positions. This caused a local strengthening of the British pound against the US dollar, but there was stagnation already within the 1.3720 mark.
The trading plan on September 27 considered the subsequent weakening of the pound sterling, but only after the price was kept below the level of 1.3650 since a possible price rebound could not be ruled out. Short positions or Short means positions to sell
September 28 economic calendar:
The S&P/CS Composite-20 for July will be released in the United States today, which is expected to increase from 19.1% to 19.9% (y/y). This is a positive factor for the economy and the national currency – USD.
Trading plan for EUR/USD on September 28:
The US dollar has moved to strengthen since the opening of the European session, and as a result, the quote managed to break through the area of 1.1685. Now, the local low (1.1664) of August 20 is standing in the way of sellers. Its breakdown will lead to a prolongation of the downward cycle from the beginning of June.
The confirmation of this forecast will be the retention of the price below the level of 1.1660 on the daily period. Otherwise, the market will experience again a reduction in the volume of short positions, which will lead to a natural price rebound.
Trading plan for GBP/USD on September 28:
The area of 1.3655 still acts as variable support, despite the sharp decline of the price. The signal for the subsequent growth of short positions will arise when the price is kept below the level of 1.3650 for an H4 period. This will lead to an even stronger weakening of the pound sterling. It is worth considering that the absence of holding the price below the level of 1.3650 will lead to stagnation-pullback.
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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