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Here are the details of the economic calendar from August 27:
Last Friday, the United States released its data on personal spending and income, where an increase was recorded.
Details of statistics:
Data on personal expenses and income is prepared by the Bureau of Economic Analysis of the US Department of Commerce.
The personal income indicator reflects the change in the total income of individuals, including salaries and salaries, interest income, dividends, rent, and compensation. A high result leads to the strengthening of the national currency, and a low indicator leads to its weakening
The indicator for personal expenses reflects the change in the total volume of goods and services purchased by individuals.
Looking at the market reaction, no one is interested in statistics due to the most important event – the Jackson Hole Symposium. During the economic conference, Fed Chairman Jerome Powell made a speech, expressing his opinion about a fairly good situation in the country in terms of economic recovery. It is worth considering that the information is not new, and the head of the FRS has already announced it during the results of the FOMC meeting. His current words with the absence of clear terms and specifics led to a backlash. As a result, market participants began to speculate against the US dollar.
Analysis of trading charts from August 27:
The EUR/USD pair returned to the area of the resistance level of 1.1800 last Friday. The correction from the base of 2021 is still relevant in the market, but it is still in the downward cycle structure from the beginning of June.
Thus, the potential of short positions still exists in the market. This may eventually lead to a new downward movement after the correction is completed.
Like its European counterpart, the pound returned to the resistance area of 1.3770/1.3800, eventually undermining the recovery process of the relative correction. The downward cycle from the psychological level 1.4000 is still relevant in the market, where the existing correction is part of it.
Short positions or Short means sell positions.* Psychological levels are round values (1.2000, 1,3000, 1,4000,1,5000, etc.) that serve as key coordinates in the market, which traders pay special attention to. These levels are often used as support or resistance.
* 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.
August 30 economic calendar:
Today is a holiday in Britain in honor of the Bank Holidays. In this case, trading volumes may be reduced.
As for the United States, the US pending real estate sales index for July is expected to rise by 0.4%.
Trading plan for EUR/USD on August 30:
The resistance level of 1.1800 is putting pressure on buyers, which leads to a reduction in the volume of long positions. If the price rebounds from the resistance level, it may decline to the range of 1.1750-1.1700. This scenario of the market development will lead to a consistent recovery of dollar positions relative to the recent correction.
Trading plan for GBP/USD on August 30:
The area of 1.3770/1.3800 still acts as a resistance, which led to a slowdown in the upward movement and a rebound. If the regular basis of the past associated with this area repeats, a decline towards the level of 1.3690 is possible. In turn, this will increase the chance for a complete price recovery in relation to the 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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