{"id":298028,"date":"2023-01-16T06:01:24","date_gmt":"2023-01-16T06:01:24","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=298028"},"modified":"2023-01-16T06:01:25","modified_gmt":"2023-01-16T06:01:25","slug":"160123-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160123-afternoon-session-analysis\/","title":{"rendered":"160123 Afternoon Session Analysis"},"content":{"rendered":"

16 January 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

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Pound Sterling surged despite of economy recession problems.<\/strong><\/span><\/p>\n

The GBP\/USD, which traded widely by global investors rose significantly on Friday although the UK economy still face some challenges of recession. \u00a0According to Office for National Statistics, the UK Gross Domestic Product (GDP) YoY has notched down from the previous reading of 1.5% to 0.2%, which lower than the consensus forecast of 0.3%. Besides that, the UK Manufacturing Production MoM also declined in November, whereas indicating that a contraction in the manufacturers output. However, Pound Sterling has found favour with investors over the slump of US Dollar. Last week, the US inflation rate has decreased by -0.1% in December, while it sparked the hopes of lower rate hikes by Fed in the February meeting. On the other hand, the overall trend of EUR\/USD remained upward following the hawkish statement from European Central Bank member. According to Reuters, ECB policymaker Pablo Hernandez de Cos claimed on last week that the ECB would likely to continue hiking its interest rate aggressively to cool down inflation to the 2% target over the medium term. As of writing, the GBP\/USD appreciated by 0.37% to 1.2274, as well as EUR\/USD rallied by 0.31% to 1.0862.<\/p>\n

In the commodities market, the crude oil price dropped by 0.76% to $79.50 per barrel as of writing as traders stay cautions against the OPEC monthly forecast report. In addition, the gold price jumped by 0.32% to $1924.99 per troy ounce as of writing amid the depreciation of US Dollar.<\/p>\n

\u00a0<\/strong><\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Martin Luther King, Jr. Day<\/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

23:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 BoE Gov Bailey Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
18:00<\/td>\nEUR – German ZEW Economic Sentiment (Jan)<\/td>\n-23.3<\/td>\n-15.5<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4:<\/strong> Dollar index was traded lower following a prior breakout below the support level at 101.65. MACD which illustrated increasing in bearish momentum suggested the index will extend it losses toward support at 100.35.<\/p>\n

Resistance level: 101.65, 103.00<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 100.35, 98.90<\/p>\n

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\"\"<\/p>\n

GBPUSD, H4:<\/strong> GBPUSD was traded higher following a prior rebound from the support level, MACD which illustrated increasing in bullish momentum suggested the pair will extend its gain toward resistance level at 1.2300.<\/p>\n

Resistance level: 1.2300, 1.2445<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 1.2145, 1.1925<\/p>\n

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 <\/p>\n

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EURUSD, H4:<\/strong> EURUSD was traded higher following a prior rebound from support level. MACD which illustrated diminishing in bearish momentum suggested the pairs extend its goal toward resistance at 1.0935.<\/p>\n

Resistance level: 1.0935, 1.1070<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 1.0785, 1.0635<\/p>\n

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USDJPY, H4:<\/strong> USDJPY was traded lower following a prior break below the previous support level. However, MACD which illustrated reducing in bearish momentum suggested the pairs undergo a technical correction in short term.<\/p>\n

Resistance level: 128.00, 130.25<\/p>\n

Support Level: 126.50, 125.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4:<\/strong> AUDUSD was traded higher following a prior rebound from the support level. MACDH which illustrated increasing in bullish momentum suggested the pair will extend its gain toward resistance level at 0.7035<\/p>\n

Resistance level: 0.7035, 0.7120<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 0.6945, 0.6870<\/p>\n

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NZDUSD, H4:<\/strong> NZDUSD was traded higher following a prior break above the previous resistance level at 0.6495. MACD which illustrated increasing in bullish momentum suggested the pairs will extend its gain toward resistance level at 0.6495.<\/p>\n

Resistance level: 0.6495, 0.6560<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 0.6400, 0.6320<\/p>\n

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USDCAD, H4:<\/strong> USDCAD was traded lower following retracement from resistance level. MACD which illustrated decreasing in bullish momentum suggested the pair will extend its losses toward support level at 1.3325<\/p>\n

Resistance level: 1.3420, 1.3515<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 1.3325, 1.3250<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4:<\/strong> USDCHF was traded lower following a prior break below the support level. MACD which illustrated increasing in bearish momentum suggested the pair extend its losses toward support level at 0.9120<\/p>\n

Resistance level: 0.9240, 0.9315<\/p>\n

Support level: 0.9195, 0.9140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily:<\/strong> Crude oil was traded lower following a prior retracement from the downward trend line. MACD which illustrated bullish bias momentum suggested the commodity undergo technical correction in short term.<\/p>\n

Resistance level: 81.60, 89.00<\/p>\n

Support level\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 76.05, 70.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_ ,H4:<\/strong> Gold was traded higher following a prior break above the previous resistance level. MACD which illustrated bullish bias momentum suggested the commodity will extend its gains toward the resistance level at 1953.40.<\/p>\n

Resistance level: 1953.40, 1996.80<\/p>\n

Support level: 1898.65, 1845.80<\/p>\n

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

16 January 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Pound Sterling surged despite of economy recession problems. The GBP\/USD, which traded widely by global investors rose significantly on Friday although the UK economy still face some challenges of recession. \u00a0According to Office for National Statistics, the UK Gross Domestic Product (GDP) YoY has notched down from the […]<\/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\/298028"}],"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=298028"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/298028\/revisions"}],"predecessor-version":[{"id":298033,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/298028\/revisions\/298033"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=298028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=298028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=298028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}