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Here are the details of the economic calendar from August 24:
Yesterday, the United States published its new home sales data, which recorded an increase of 1% in July.
The market did not react since this indicator is not considered particularly important for speculators.
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. This statistic does not include apartment buildings. Also, 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.Analysis of trading charts from August 24:
The EUR/USD pair completed the correctional move in the area of 1.1765, regarding which there was a price stagnation within the borders of 1.1725/1.1765. Thus, the downward cycle from the beginning of June is still considered the main movement in the market.
The trading plan on August 23 considered the scenario of the completion of the correction. This process is still in the active phase.
During the correction, the pound sterling partially played back the decline of the past week. From the point of view of technical analysis, the level of 1.3750 is now important for market participants. Relative to it, there was a price stagnation in the range of 1.3700/1.3750.
August 25 economic calendar:
Today, the attention of traders will be focused on the US data on orders for durable goods, which may put the US dollar under pressure. The volume of orders is expected to fall by 0.5%, which indicates a future decline in retail sales and a decline in consumer activity, which is the main driver of the US economy.
It is worth considering that if the forecast for a decline does not match, we will see a fairly strong backlash in the market.
* 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 August 25:
If the expectations regarding the end of the correction coincide, then the existing range of 1.1725/1.1765 may well become a cumulative process. This will lead to an acceleration of the downward course when the price is kept below the 1.1725 level.
* The accumulation process is a price fluctuation in a closed amplitude, where at the time a particular stagnation border is broken, a local acceleration in the direction of breakdown often occurs.
Trading plan for GBP/USD on August 25:
Here, we can assume that the amplitude move in the range of 1.3700/1.3750 will remain on the market for some time. Now, it is worth preparing for the upcoming acceleration, trading on the method of the breakdown of a particular range border.
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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