16 March 2023 Afternoon Session Analysis
The Aussie nudged higher after upbeat economic data.
The Aussie dollar, which is one of the most traded currencies, nudged higher after positive economic data released. The Feb employment changes grew positively from -11.0k to 64.6k versus the market expectation of 48.5k. According to the labor data released by the Australian Bureau of Statistics (ABS), the Australian unemployment rate slightly reduced by 0.2% to 3.5%, recorded as the lowest unemployment rate since the 1970s. Both upbeat data allows Reserve Bank of Australia to increase its cash rate further, although the Governor Philip Lowe signaled a rate hike pause recently. The positive labor data boosted the value of Aussie dollar, as the market expects strong consumer spending to keep inflation steadily at a higher level, and RBA will continue to hike rate to curb the high inflation figure. Besides, the Aussie also benefited from its largest trading partner China, after China released its economic data. In China, the asset investment jumped to 5.5%, highlighting a remarkable improvement in construction project investments. The optimistic data give support to the Aussie dollar by a way of hopefulness in commodity exports. As of writing, the AUD/USD was traded up to 0.30% to $0.6635.
In the commodities market, crude oil prices rebounded by 0.87% to $68.19 per barrel after Credit Suisse secured a lifeline from the Swiss Central Bank up to $54 billion. Besides, gold prices was traded lower by -0.39% to $1923.65 per troy ounce following the investor locked in recent profits.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:15 EUR ECB Monetary Policy Statement
21:45 EUR ECB Press Conference
23:15 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Building Permits (Feb) | 1.339M | 1.340M | – |
| 20:30 | USD – Initial Jobless Claims | 211K | 205K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Mar) | -24.3 | -15.6 | – |
| 21:15 | EUR – Deposit Facility Rate (Mar) | 2.50% | 3.00% | – |
| 21:15 | EUR – ECB Marginal Lending Facility | 3.25% | – | – |
| 21:15 | EUR – ECB Interest Rate Decision (Mar) | 3.00% | 3.50% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following the prior retracement from the previous support level at 104.45. However, MACD which illustrated bullish momentum suggests the index to traded higher as technical correction.
Resistance level: 104.45, 105.85
Support level: 103.00, 101.70
GBPUSD, H4: GBPUSD was traded higher following a prior rebound from the support level at 1.2010. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.2145.
Resistance level: 1.2145, 1.2300
Support level: 1.2010, 1.1900
EURUSD, H4: EURUSD was traded higher following a prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level 1.0635.
Resistance level: 1.0635, 1.0790
Support level: 1.0505, 1.0360
USDJPY, H4: USDJPY was traded lower following a prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level at 132.30.
Resistance level: 134.60, 136.30
Support level: 132.30, 130.25
AUDUSD, H4: AUDUSD was traded higher following the prior rebound from the lower level. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level.
Resistance level: 0.6685, 0.6775
Support level: 0.6600, 0.6525
NZDUSD, H4: NZDUSD was traded lower following a prior break below the previous support level at 0.6195. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses toward the support level at 0.6120.
Resistance level: 0.6195, 0.6265
Support level: 0.6120, 0.6050
USDCAD, H4: USDCAD was traded lower following a prior break below the previous support level at 1.3785. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.3685.
Resistance level: 1.3785, 1.3880
Support level: 1.3685, 1.3600
USDCHF, H4: USDCHF was traded higher following a prior break above a previous resistance level at 0.9285. MACD which illustrated increasing bullish momentum suggests the pair to extend its gains toward the resistance level at 0.9390.
Resistance level: 0.9390, 0.9495
Support level: 0.09285, 0.9180
CrudeOIL, H4: Crude oil price was traded lower following a break below the previous support level at 68.30. However, MACD which illustrated diminishing bearish momentum suggests the commodity to undergo technical correction in short term.
Resistance level: 68.30, 70.65
Support level: 66.05, 63.70
GOLD_, H4: Gold price was traded lower following the prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggests the commodity to extend it loses toward the support level at 1900.20.
Resistance level: 1926.70, 1954.90
Support level: 1900.20, 1876.90