{"id":300613,"date":"2023-02-02T05:55:21","date_gmt":"2023-02-02T05:55:21","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=300613"},"modified":"2023-02-02T05:55:21","modified_gmt":"2023-02-02T05:55:21","slug":"020223-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020223-afternoon-session-analysis\/","title":{"rendered":"020223 Afternoon Session Analysis"},"content":{"rendered":"

2 February 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Pound sterling rose amid US Dollar weakened.<\/strong><\/span><\/p>\n

The pound sterling rose to the highest level since June 2022 level as the dollar slumped after the Fed Chairman Jerome Powell’s speech at the FOMC press conference. In the communique, Jerome Powell mentioned that US inflation has cooled, and the market started to expect that future interest rate hike decisions will come in peace or remain unchanged. As a result, the US dollar depreciated and boosted other currencies that pair with USD, such as the pound sterling. Apart from this, the pound sterling uptrend was also boosted by investors’ expectations, whereby the Bank of England (BoE) will likely have a 50-basis point rate hike in the upcoming BoE monetary policy committee meeting. According to the latest inflation data announced by the UK office for national statistics, the country\u2019s inflation rate was at a 10.5% level in December, while the BoE target of a 2% inflation rate. An aggressive rate hike plan could affect the UK economy to enter into a recession that would weigh on the Pound. As of writing, GBP\/USD appreciated 0.10% to $1.2388.<\/p>\n

In the commodity market, the crude oil price appreciated by 0.71% to $76.95 per barrel as of writing as a weaker Greenback made the US oil price cheaper for other currency holders, and boosted the oil demand. On the other hand, the gold price raised by 1.28% to $1951.04 per troy ounce as of writing over the weakening of the US Dollar.<\/p>\n

 <\/p>\n

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

 <\/p>\n

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

20:00\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 BoE MPC Meeting Minutes<\/p>\n

21:15\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0EUR\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 ECB Monetary Policy Statement<\/p>\n

21:45\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB Press Conference<\/p>\n

22:15\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

23:15\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB President Lagarde Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\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
20:00<\/td>\nGBP – BoE Interest Rate Decision (Jan)<\/td>\n3.50%<\/td>\n4.00%<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nEUR – Deposit Facility Rate (Feb)<\/td>\n2.00%<\/td>\n2.50%<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nEUR – ECB Marginal Lending Facility<\/td>\n2.75%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nEUR – ECB Interest Rate Decision (Feb)<\/td>\n2.50%<\/td>\n3.00%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n186K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily<\/strong>: Dollar was traded lower following a prior breakout below the previous support level at 101.20. MACD which illustrated diminishing bullish momentum suggested the index to extend its losses toward the support level at 99.40.<\/p>\n

Resistance Level: 101.20, 103.15<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 99.40, 97.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily<\/strong>: GBPUSD was traded higher following a prior breakout above the previous resistance level at 1.2345. MACD which illustrated bullish bias momentum suggested the pair extend its gains toward the resistance level at 1.2470.<\/p>\n

Resistance Level:1.2470, 1.2645<\/p>\n

Support Level: 1.2345, 1.2200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily:<\/strong> EURUSD was traded higher following a prior breakout above the previous resistance level at 1.0975. MACD which illustrated increasing bullish momentum suggested the pair extend it gains towards the resistance level at 1.1150.<\/p>\n

Resistance Level: 1.1150, 1.1275<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 1.0975, 1.0850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily:<\/strong> USDJPY was traded lower while currently testing the support level at 128.60. MACD which illustrated diminishing bullish momentum suggested the pair extend its losses after it successfully breakout below the support at 128.60.<\/p>\n

Resistance Level: 131.25, 134.15<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 128.60, 126.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily<\/strong>: AUDUSD was traded higher following a prior breakout above the previous resistance level at 0.7125. MACD which illustrated increasing bullish momentum suggested the pair extend its gains toward the resistance level at 0.7260.<\/p>\n

Resistance Level: 0.7260, 0.7385<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 0.7125, 0.6985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily:<\/strong> NZDUSD was traded higher following a prior breakout above the previous resistance level at 0.6460. MACD which illustrated bullish bias momentum suggested the pair to extend its gains toward the resistance level at 0.6555.<\/p>\n

Resistance Level: 0.6555, 0.6675<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 0.6460, 0.6355<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily:<\/strong> USDCAD was traded lower while currently testing the support level at 1.3265. MACD which illustrated bearish bias momentum suggested the pair extend its losses after it successfully breakout below the support level.<\/p>\n

Resistance Level: 1.3400, 1.3505<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 1.3265, 1.3155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily:<\/strong> USDCHF was traded lower following a prior breakout below the previous support level at 0.9110. MACD which illustrated bearish bias momentum suggested the pair will extend its losses toward the support level at 0.9040.<\/p>\n

Resistance Level: 0.9110, 0.9225<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 0.9040, 0.8940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily:<\/strong> Crude oil was traded lower while currently testing the upward trendline. MACD which illustrated bearish bias momentum suggested the commodity will extend its losses after it successfully breakout below the trendline.<\/p>\n

Resistance Level: 81.80, 86.15<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 76.10, 71.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD, Daily:<\/strong> Gold was traded higher following a prior breakout above the previous resistance level at 1944.60. MACD which illustrated diminishing bearish momentum suggested the commodity will extend its gains towards the resistance level at 1985.90.<\/p>\n

Resistance Level: 1985.90, 2042.60<\/p>\n

Support Level\u00a0\u00a0\u00a0\u00a0\u00a0 : 1944.60, 1900.00<\/p>\n","protected":false},"excerpt":{"rendered":"

2 February 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Pound sterling rose amid US Dollar weakened. The pound sterling rose to the highest level since June 2022 level as the dollar slumped after the Fed Chairman Jerome Powell’s speech at the FOMC press conference. In the communique, Jerome Powell mentioned that US inflation has cooled, and the market […]<\/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\/300613"}],"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=300613"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/300613\/revisions"}],"predecessor-version":[{"id":300709,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/300613\/revisions\/300709"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=300613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=300613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=300613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}