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Here are the details of the economic calendar for Sept 28:
Yesterday, the S&P / CS Composite-20 in the United States was published, and the growth forecast was confirmed. The index increased from 19.1% to 19.9% (y/y) in July.
This is a positive factor for the economy and the USD.
Analysis of trading charts from September 28:
The EUR/USD pair approached the local low (1.1664) of August 20, where there was a slowdown in the downward movement of the pullback. The natural basis associated with the level of 1.1664 leads to a reduction in the volume of short positions.
Based on the daily timeframe, a downward cycle from the beginning of June was seen, which is still relevant in the market.
The trading plan on September 28 considered a subsequent decline, but the strongest price changes were expected after the price held below the level of 1.1660. It is urgent to deal with the euro's depreciation.
The GBP/USD pair declined under the strongest sell-off on the part of speculators. As a result, the pound weakened by more than 180 points, which is considered a very strong price change in a short period of time.
Based on the daily timeframe, the prolongation of the downward cycle from the beginning of June was observed, where the quote is already moving at the levels of January of the current year.
The trading plan on September 28 considered the subsequent weakening of the pound sterling, where sell positions were relevant at the time the price was holding below the level of 1.3650. As a result, the strategy to depreciate the pound rate brought us quite a lot of income.
Short positions or Short means positions to sell.
September 29 economic calendar:
Today, the UK's lending market data will be released. And although the number of approved mortgage loans should be reduced from 75.15 thousand to 73.00 thousand, the volume of mortgage lending may increase by 0.5 billion pounds. However, such results will cancel each other out.
Therefore, the fate of the pound will be determined by consumer lending, the volume of which should be reduced by 0.75 billion pounds. Consequently, consumer activity is declining. Nevertheless, it is not the driver of economic growth. It can be seen that the prospects for the pound do not look the best.
Trading plan for EUR/USD on September 29:
The US dollar strengthened again since the opening of the European session, as a result of which the quote managed to break through the local low (1.1664) of August 20. A confirmation signal about the prolongation of the downward cycle from the beginning of June should arrive when the price is kept below the level of 1.1660 for an H4 period. In this case, there is a chance to further decline towards the level of 1.1600.
An alternative scenario will arise if the quote still fails to stay below the level of 1.1660, which will lead to a natural price rebound.
Trading plan for GBP/USD on September 29:
The oversold pound does not stop greedy speculators who continue to work on the decline. The quote is rapidly declining, where there is already an attempt to keep the price below the level of 1.3500. If the market maintains the set pace, we should not rule out a decline towards the 1.3450 area. As a result, the oversold status of the British currency will reach the highest level, which will lead to a technical correction.
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.
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