{"id":234437,"date":"2022-03-18T07:00:53","date_gmt":"2022-03-18T07:00:53","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=234437"},"modified":"2022-03-18T07:25:24","modified_gmt":"2022-03-18T07:25:24","slug":"180322-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/180322-afternoon-session-analysis\/","title":{"rendered":"180322 Afternoon Session Analysis"},"content":{"rendered":"

18 March 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Pound surged over the hawkish tone from BoE.<\/strong><\/span><\/p>\n

Pound Sterling surged over the backdrop of hawkish sentiment from the Bank of England. Yesterday, the Bank of England increased interest rates for the third consecutive meeting while reiterating that the Russia-Ukraine conflict is expected to keep inflation higher in long-term basis. The Monetary Policy Committee voted 8-1 in favor of a further 0.25 percentage point hike to its main Bank Rank, taking it to 0.75%. Currently, UK inflation was already running at a 30-year high prior to Russian\u2019s invasion of Ukraine, which sent energy prices surging and spurring further pressure on the central bank\u2019s inflation projections. The Bank now forecasted that the inflation rate could be expected to increase further in the coming months, hitting around 8% in the second quarter of 2022 or even higher. The MPC also claimed that further modest tightening in monetary policy may be appropriate in the coming months. As of writing, GBP\/USD appreciated by 0.12% to 1.3163.<\/p>\n

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In commodities market, gold price appreciated by 0.10% to $1933.95 per troy ounces as of writing amid risk-off sentiment in the global financial market.<\/p>\n

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Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

N\/A<\/p>\n

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Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

11:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoJ Monetary Policy Statement<\/p>\n

14:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoJ Press Conference<\/p>\n

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 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
21:30<\/td>\nCAD – Core Retail Sales (MoM) (Jan)<\/td>\n-2.50%<\/td>\n-2.00%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – Existing Home Sales (Feb)<\/td>\n6.50M<\/td>\n6.16M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher as technical correction.<\/p>\n

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Resistance level: 99.35, 100.40<\/p>\n

Support level: 97.80, 96.45<\/p>\n

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 1.3190, 1.3420<\/p>\n

Support level: 1.3010, 1.2855<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1135, 1.1245<\/p>\n

Support level: 1.0980, 1.0820<\/p>\n

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\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 118.90, 120.50<\/p>\n

Support level: 117.50, 116.25<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above previous resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7410, 0.7525<\/p>\n

Support level: 0.7250, 0.7180<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6895. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout.<\/p>\n

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Resistance level: 0.6905, 0.6965<\/p>\n

Support level: 0.6800, 0.6715<\/p>\n

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USDCAD, <\/strong>Daily: <\/strong>USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

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Resistance level: 1.2755, 1.2890<\/p>\n

Support level: 1.2620, 1.2485<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 0.9425, 0.9580<\/p>\n

Support level: 0.9310, 0.9115<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 99.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 105.40.<\/p>\n

 <\/p>\n

Resistance level: 105.40, 111.60<\/p>\n

Support level: 99.35, 92.30<\/p>\n

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1912.60. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1946.35, 1973.00<\/p>\n

Support level: 1912.60, 1881.35<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

18 March 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Pound surged over the hawkish tone from BoE. Pound Sterling surged over the backdrop of hawkish sentiment from the Bank of England. Yesterday, the Bank of England increased interest rates for the third consecutive meeting while reiterating that the Russia-Ukraine conflict is expected to keep inflation higher in long-term […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/234437"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=234437"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/234437\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=234437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=234437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=234437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}